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The Grass is Greener After Bankruptcy

The Grass is Greener After Bankruptcy

Many people find the decision to file for personal bankruptcy to be an emotional one. You may be feeling stressed out, disappointed, happy or relieved—or a combination of these emotions. But take heart: Once you've emerged from bankruptcy, things will be better.

How Bankruptcy Can Help You

Filing for bankruptcy allows you to rid yourself of many debts and get a fresh financial start. It can:

  • Temporarily halt foreclosure proceedings
  • Bring an end to creditor and collection agency calls
  • Allow you to stop writing big checks to your creditors each month
  • Enable you to move on with your life without crushing debt hanging over your head

Life After Bankruptcy

Once you've wrapped up your bankruptcy, how do you get back on your feet without falling back into debt?

Think about what led to your bankruptcy in the first place. Some situations (such as a serious illness, divorce or job loss) are unavoidable. But others (failure to make and stick to a budget, living beyond your means) can be remedied. Ask yourself if there are things you could have done differently to avoid getting into debt.

Take steps to start saving money while also rebuilding your credit. Consider:

  • Making a monthly budget
  • Spending no more than half of your take-home pay on essential fixed expenses, such as rent, utilities and car payments
  • Opening a savings account and committing to making monthly deposits
  • Getting a new credit card, making small purchases on it and paying off the balance, in full, each month

Visit LawyerLocator to learn more about personal bankruptcy or to locate a bankruptcy attorney in your area.