Life After Bankruptcy – Getting Back On Your Feet After Chapter 7
Life after Chapter 7 bankruptcy is often accompanied by an immediate sense of relief and euphoria. In fact, we you encourage to contain the urge to shout it from your rooftop yet – there is still work to be done.
Your Chapter 7 bankruptcy discharge has wiped out all of your unsecured debt and given you a fresh financial start. However, how do you avoid finding yourself in a similar situation in the future? Our bankruptcy experts at ZocLaw.com provide some useful tips:
Life after Chapter 7 bankruptcy – creating a realistic budget
A very effective way of maintaining your finances is creating and sticking to a monthly budget. This will enable you to actually see where your money is being spent. Furthermore, monitoring spending patterns may help you identify where you could potentially avoid overspending on certain items. Creating a budget is a simple and effective manner in which you can avoid future financial troubles.
Life after Chapter 7 bankruptcy – saving money
Putting aside a small of portion of your paycheck each month into a saving account will eliminate the need to spend on credit. It will also give you an opportunity to discipline yourself and avoid impulse spending – one of main culprits of financial difficulty. A little constraint can have a major impact on your finances.
Life after Chapter 7 bankruptcy – Obtaining a secured credit card
A secured credit card is a practical and powerful way of rebuilding your credit score. When you apply for a secured credit card, you will be required to deposit funds into your account for security purposes. Your credit limit for the card will be your balance in your account – essentially you will be “borrowing” against the money available in your account. It is important to make complete and on-time payments on your secured credit card in order to improve your credit card. Also see:
Once the nightmare of constantly being harassed by creditors is over, it can be said with a very high degree of certainty, very few individuals will desire being plagued by financial difficulties once again.