Coupled with the gift of time, soul-searching, and new spending goals, you can obtain a new beginning after experiencing bankruptcy. It is possible for your credit score to become great again. It will take discipline and commitment, but you can do it!
The first thing to do is understand how this situation came about and then don’t repeat it. Have a thorough self-evaluation about spending and borrowing habits. Remeber that you are not alone and finding some emotional support will provide strength to rise above any embarrassment and shame you might be feeling.
Bankruptcy can help you get back on your feet and start moving in the right direction.
It is important to stay positive as well. Working with credit counselors or bankruptcy attorneys can make this recovery process easier.
Your plan of action will be for seven to ten years, and you have the ability to gradually improve your credit score right away. First of all, find out if you have incorrect information affecting your credit. You have the right to dispute this and have it removed. Avoid any credit repair services that make big promises at a price. If any offer is too good to be true…run! Don’t do it!
Now, you need to establish a realistic budget and learn to live within your means. This should include monthly expenses (for needs, not wants), setting money aside for unforeseeable expenses, and putting some money into your savings, no matter how small. You can always adjust this as your finances improve.
It is important to begin a new credit history. With any opportunity here, it’s a good idea to treat it like a thirty-day loan, paying it off at the end of the month. If you can’t do that, it is imperative to make payments on time and never, ever miss a payment. This takes a major dive with your credit. Sometimes, we may not be able to obtain a new credit card, or may not be able to handle the
Sometimes, we may not be able to obtain a new credit card, or may not be able to handle the high-interest rates. You may be regarded as a high risk after filing for bankruptcy. Remember, this is only temporary, until you prove yourself. A good place to start is applying for a new cell phone. Making sure first and foremost that it fits your budget. It is an opportunity to develop a history of paying in a timely manner. Every financial move benefits your growing credit score. Baby steps grow as you become financially able. Patience and persistence pay, literally!
If you are thinking about filing for bankruptcy or wondering if it is the right choice for you, Hines Law Offices can help. Experience and extensive knowledge are at the core of our bankruptcy law firm. At Hines Law Offices, we handle Chapter 7 and Chapter 13 cases near and beyond Framingham MA, as well as neighboring cities throughout Middlesex County and Worcester County. Our commitment is to safeguard your interest and future by providing the right solution for your case.
New beginnings through debt relief may be an option for you. Call us today for a free consultation!