Bankruptcy is not only a huge financial set back but also an emotional one. The first thing you need to keep in mind while getting back on track both financially and emotional is that people make mistakes. You are not the first, nor will you be the last person to file bankruptcy.

Now, it’s time you get up, brush yourself off and start picking up the pieces. Keep your chin up and it helps to surround yourself with people who understand, are emotionally supportive and that are nonjudgmental.

Clark & Washington has five tips to share with you, to help you achieve a healthier financial situation after your bankruptcy and get you back on the right financial path.

financial health

  1. Make a budget (one that you can realistically work with) be sure to include everything from your mortgage/rent to the kid’s lunch money. It is very important to include everything because if you don’t you will end up robbing Peter to pay Paul and Mary will be left empty-handed. Once your budget is all down on paper look it over and see if you can trim anything off, so you can allow for a small amount of savings to be added to the budget. Check your budget if your bills or income changes and make adjustments as they come up.
  2. If you are bad at handling money, then seek out help. Many social services departments, debt consolidators and accountants can offer advice and an account can even pay your bills for you (if you can afford to pay an account.)
  3. If there was still a large amount of debt left behind after you filed bankruptcy (depending on what you “charged off”) then speak to Clark & Washington about how to start paying the debt off and find out what your legal rights are before you just start making payments that could wind you up right back where you started before you filed bankruptcy.
  4. Make sure your debt is paid off or you can afford to pay all of your monthly bills and debts comfortably before you go out and buy a new car, take a luxurious vacation or spend your extra money on things you really don’t need.
  5. Start rebuilding your credit. Pay all of your bills on time, get a pre-paid credit card (only if you can afford it) charge $20 a month and pay it off each month.

It will take time to rebuild your credit after you file bankruptcy so be patient and learn from your mistakes.Contact Clark & Washington today if you need financial assistance.