Receiving bills when you know it’s impossible to pay them, feeling pressure from creditors and uncertainty about the future can lead to sleepless nights and days filled with worry. Once you’ve made the decision to file bankruptcy, it’s time to take further steps to ease your mind and reduce your worry. Take some time to breathe a sigh of relief and begin moving forward.
Filing bankruptcy can be a complicated process for the average person who is unfamiliar with bankruptcy laws and procedures. Bankruptcy lawyers from firms like McElrath Law are knowledgeable professionals that can help you through each step of the process. Having their assistance can immediately lessen your worries.
The Road to Recovery
As odd as it may seem, looking back to the past may be the best way to begin the financial recovery process. By examining what led up to your financial difficulties, you can take steps to prevent going down the same road again. If your lifestyle had you consistently living more flamboyantly than your finances could handle, you know that you need to make some serious lifestyle changes as you move forward after bankruptcy. If an event such as job loss or divorce contributed to your bankruptcy, you’ll know to take steps to protect your personal finances in the future.
Assess the Present
After filing bankruptcy, you usually have a blank slate to build upon. Creating a budget is a good starting point for rebuilding on a secure foundation. There are numerous resources available that can help you create a personal budget that will assure you are living within your means.
Plan for the Future
The lifestyle changes you make in the present can help you as you plan for the future. Recovering from bankruptcy is a slow process. Instead of worrying about your future as you were doing prior to filing bankruptcy, you can now focus on goals for the future. While you are adjusting to a lifestyle that has you living an affordable lifestyle, you can be setting your priorities for the future. Establishing a healthy credit score should be at the top of your list. Getting a credit card is a first step toward reestablishing your credit. Using it responsibly and paying it in a timely manner are essential components to improving your credit score.
Beware of Scams
When you filed for bankruptcy, the goal was to get out of an overload of debt and to end those worry-filled days and nights. There are professionals who can help you with the filing process, budgeting and re-establishing credit. Unfortunately, there are also scams that claim to help expedite your credit repair time. Patience is essential when you’re trying to re-establish credit. A quick-fix offer is most likely a scam. Do your research before making any financial decisions.
Take a positive approach to the recovery process involved when you file bankruptcy. Acknowledge your financial limitations and make it a goal to learn to live happily within your financial realm. As time goes by, your situation may change and you may be able to afford some of the luxuries you desire. Meanwhile, the life lessons you learn along the way can be beneficial to you in the future.
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Included in the workbook:
- Monthly budget form
- Breakdown of savings form (for your sinking funds)
- Overview of your financial plan
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