Bankruptcy is one of the best ways to make a fresh financial start. Many people who file for bankruptcy find it was their decision to file that turned their lives around and set them on a road to a much better life, financially and otherwise.
Bankruptcy should be seen as the end of your financial struggles, but it should also be a new beginning. The relief you’ll feel from wiping the slate clean is like nothing you’ve ever experienced before, especially if you’ve been struggling with your financial situation for some time.
The key to making the most of your bankruptcy and creating a successful experience lies in what you do in the days, weeks, months, and years following filing. What are five of the best things you can do to ensure post-bankruptcy success?
Nobody is perfect and chances are if you chose to file for bankruptcy you know this better than anyone. But the key to a successful bankruptcy is learning from any mistakes you made in the past.
Understanding what led you to bankruptcy and knowing how to prevent those same mistakes in the future makes bankruptcy a learning experience.
Even if the reason or reasons for your bankruptcy were out of your control, there are still lessons to be learned. As someone who ended up filing because of unforeseen circumstances, you’ll understand what can be done in the future to keep track of things that are within your control.
The last thing you want to do is complete your bankruptcy without a plan for the future. Understanding how to budget your income is an essential skill. Having a financial plan in place gives you a path forward.
Now that you are moving past bankruptcy, you’ll be given greater control over your finances and one of the most important things you should do with this control is set goals.
Financial goals related to saving can motivate you to stay on track.
Keep in mind, savings goals don’t need to be all about security and responsibility. With your new financial outlook, there’s nothing wrong with planning to save for something you’ll enjoy or that’s all about fun. The key is taking it slow, saving the money you need to make the purchase, and putting your financial responsibilities ahead of the fun stuff.
Rebuilding your credit takes time and in most cases, slow and steady wins the race. It’s important to get a new credit card after bankruptcy, but your use of it should be focused on rebuilding only. Post-bankruptcy credit cards rarely have favorable terms that justify frequent use, but they can be effective tools for helping you re-establish credit.
For more information about post-bankruptcy credit cards, check out these tips from Nerd Wallet.
Bankruptcy can be a difficult time emotionally and you wouldn’t be the first person to get down on yourself because you had to file. The good news is, as you near the end of your bankruptcy, you can begin to have a bright outlook again.
You should feel good about the commitment you made to rebuild your financial situation and taking the drastic action needed to get a fresh start.
If you have questions about bankruptcy or you aren’t sure what lies ahead once a bankruptcy is complete, we can help. Contact the Law Office of Robert M. Geller at (813) 254-5696 to schedule a consultation.
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