Building a Future After Bankruptcy

Setting a budget, avoiding credit card debt, living within your means and setting aside savings are important steps to ensure financial freedom after Chapter 7 or Chapter 13 bankruptcy.

2011-05-27

May 27, 2011 (Press-News.org) When outstanding debts become unmanageable, bankruptcy can offer a fresh financial start. Depending on the type of bankruptcy selected and your particular circumstances, you can clear away past debts completely or you can eliminate some debts and create a manageable repayment plan for others.

However, bankruptcy is just the first step in the process of building a strong financial future. After bankruptcy, it is important to take appropriate steps to help ensure you can move on from this stage of your life.

- Set a Budget: Planning ahead is one of the most effective ways to minimize the risk of financial difficulties. Set a budget and force yourself to stick to it. Review your budget regularly, to make sure that you're using your financial resources in accordance with your priorities.

- Avoid Credit Card Debt: Following bankruptcy, many are surprised to discover the ready availability of credit cards. The fact that credit cards are available does not mean that accepting them is a wise decision, though. Generally these cards come with absurd interest rates, which can cause serious troubles over time.

- Live Within Your Means: We live in a society that encourages spending beyond our means. After bankruptcy, don't fall into the trap of purchasing things that you cannot afford. Live frugally and make careful choices about how you spend your money.

- Set Aside Savings: People file bankruptcy for a wide range of reasons - but often one of the contributing factors is limited savings to deal with emergency situations.

Regardless of how cautious you are after filing bankruptcy, you will still face challenges. A bankruptcy filing can remain on your credit report for up to 10 years. When searching for places to live, looking for new jobs or attempting to make major purchases like a car, this information can be found and may be held against you.

Despite these challenges though, filing for bankruptcy is often the best solution. For more information, speak with a knowledgeable bankruptcy lawyer. An attorney can provide invaluable advice regarding the best options for your personal situation.

Article provided by Law Offices of Farnsworth Mortensen, PLLC
Visit us at www.azbk.com

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Building a Future After Bankruptcy

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