Once you’ve got through the bankruptcy process, you’ll be ready to start rebuilding your credit.
Remember... This is your second chance. Millions of people, even millionaires and celebrities have filed bankruptcy. This isn’t a time to be shameful or embarrassed. It’s a time to learn from the past and move on. Let go and start rebuilding your financial profile; your credit.
Reflect. Learn. Move On.?
Ask yourself questions and give yourself honest answers: How did I get here? What can I do differently now? What have I learned from all this?
After a short period of reflection allow yourself to move on.
Paying your existing and new bills on time will be the number one step to take to rebuild your credit and financial well-being.
Build a Budget
Now is the time to really start being vigilant about your finances. Even if you’ve tried in the past or have never used a budget, now is the time. Be in control of your expenses don’t let them control you. You have the freedom without creditors calling all day and night and you’ve probably day dreamed about this day for a long time now. It’s time to start living again and controlling your income wisely. We have a budget spreadsheet that you can download and use. It is interactive and will help you control monthly spending as well as daily spending. It will chart your progress over time and help you find ways to improve your financial habits.
Get a credit card
One of the most important ways to build your credit again is to get a secured credit card. After bankruptcy your ability to pay what you borrow is considered very positively by new creditors because you don’t have the responsibility to pay other creditors. Getting a secured credit card will help you control your spending because you’ll pay the credit limit upfront and the secure credit card lender will report your positive payments and activity monthly to the credit bureaus. Don't get a secured credit card with high fees or one that does not report your activity to credit card bureaus. Responsible use of the card will slowly improve your credit score.
At Paolucci Bankruptcy Law we’re more than just a bankruptcy law firm. We treat our clients like family. After your bankruptcy we'd be pleased to work with you every step of the way to rebuild and repair your credit.
Check your credit report annually from the only official credit reporting agency authorized by federal law.
Contact us and tell us your financial situation, bankruptcy can probably help you.
Stop debt collectors from calling you. Get your life back. $100 down to start.