Life After Bankruptcy
After filing for Chapter 7 or Chapter 13 bankruptcy, you may be wondering what to expect. Going through bankruptcy can be a very traumatic and emotionally exhausting experience. After you return home and the whole experience sinks in, you’ll start to look forward and wonder what comes next.
After Chapter 7 or Chapter 13 bankruptcy, it’s important to learn how to manage your future credit, employment and financial habits.
Your Credit
The most surprising thing that you may find out after filing for bankruptcy is that you’ll receive offers for credit in the regular mail or through your email. Since you are now essentially free of debt, some companies may be eager to sign you up for new credit cards or loans. It’s important that you recall how you got into this situation to begin with. While it’s essential for you to rebuild your credit over time, use caution if you decide to take advantage of any of these offers. If you do, be sure to pay all of the monthly bills on time, or early if possible.
Your Employment Outlook
If you’re already employed with a sufficient income, strive to hold onto that job. Certain employers consider credit history when making employment decisions; it’s possible to be turned down for a job if you have a bankruptcy on your record. If low income was a factor in getting into debt, consider switching to a new career or getting a second job. When you do start getting a nice paycheck every week, make a habit of putting away a certain percentage into savings. This nest egg will come in handy should life events make it hard to pay bills in the future.
Your Financial Habits
No one is born knowing how to handle their personal finances. If you’ve gone through Chapter 7 or Chapter 13 bankruptcy it’s likely that you could use some advice when it comes to managing money. You’ll want to learn about how to make more money, the best ways to spend money, and when it makes sense to invest. There are a variety of credit counseling services available to people in your position. You could also self-educate through books, seminars and podcasts. Speak to your bankruptcy attorney about resources that might be available to you.
Bankruptcy attorneys Clark & Washington are here to help you through all the stages of bankruptcy. Overwhelming debt is a problem that happens to millions of people all over the world. For support and assistance, please contact the attorneys of Clark & Washington today.