What To Do After Filing Bankruptcy

Filing bankruptcy is stressful, but once it’s done, it will feel like a huge weight is lifted off your shoulders. Our clients often ask us what the next step is after filing bankruptcy. What can they do to make sure this never happens again and to stabilize their financial future? Thanks to our extensive experience with filing bankruptcy, we can offer some advice on this subject. There are several steps to take after you file to make the best out of your situation.

Take a Breath

The worst part is over, take a breath and relax a bit. The bankruptcy process can be stressful, and you’ve probably been carrying the stress of crushing debt on your shoulders for a while. Now that you’ve filed, you finally have room to breathe and you can start working toward a steady financial future. It’s always important to take a step back and realize that your burdens are beginning to fade.

Follow Your Plan Carefully

If you filed for Chapter 7 bankruptcy, you’ve probably been cleared of most of your debts. This is great, but you should make sure to have a plan in place to make sure you’re never in this situation again. Set a strict budget for yourself and create an emergency savings plan. Start working toward rebuilding your credit. If you have some debts left over that Chapter 7 doesn’t cover, such as student loans, focus on making your payments so you don’t end up in a situation where you have to declare bankruptcy again.

If you filed for Chapter 13 bankruptcy, you’ll have a set payment schedule in place that will help you pay back your creditors. Make sure you never miss a payment and that you’re budgeting yourself properly. This is when you can start rebuilding credit and get back on track.

Rebuild Your Credit

As mentioned previously, rebuilding credit is a great way to get yourself back on track. Tread these waters carefully, though, you don’t want to put yourself back in the situation you were in. There are credit cards that you can apply for, even with bad credit. Don’t fall for the ones with fees and ridiculous interest rates. The card will most likely have an interest rate that is higher than usual, but you should use it to only buy things you need and can pay off at the end of every month. This is a good way to rebuild credit and eventually become eligible for more standard credit cards.

Discuss Filing Bankruptcy with RGG Law

Before filing bankruptcy, consult with a professional at RGG Law. We can help guide you through the process of filing bankruptcy and make sure you make the best decisions for your financial future. We can also give you even more advice about what to do after filing. Contact us today to schedule a free consultation.