LIFE AFTER BANKRUPTCY
IN NEW HAMPSHIRE
LIFE AFTER BANKRUPTCY
Whether you filed a Chapter 7 or Chapter 13 Bankruptcy, after concluding your Bankruptcy you will find that things will change considerably for the better. You will no longer be receiving any harassing and threatening phone calls from creditors. You will be free of your debts or will have a good payment plan worked out and will no longer have the heavy weight of unpaid bills keeping you from being able to think about anything else. You will have a new, fresh start to begin your financial life once again. The relief you will feel will significantly change your outlook on life.
Because you now have some negative reports on your credit, from being late on payments as well as the Bankruptcy filing, you will find that you may initially have difficulty obtaining loans or credit cards. However, credit it is still available to you. You will simply have to look for such loans or credit cards a little harder in order to find them and pay a higher interest rate for a time until you re-establish your credit. If you have a mortgage and/or vehicle loan, you will find that it is relatively easy for you to re-establish your credit in a relatively short period of time.
As part of your Bankruptcy filing you were required to attend a financial management class. This will help you have the proper tools to keep your expenditures below your income. Any new credit you obtain should be used sparingly and payments on any new debt should be kept on time. Having the correct advice to follow through the entire Bankruptcy process is vital.
BASIC STEPS TO MOVE FORWARD
In order to prevent having to file Bankruptcy again, we encourage our clients to follow a few basic steps to ensure that they stay on an even footing financially. Obviously one of the most important things to make sure of is a steady source of income. Do everything possible to obtain and keep good employment. In addition, use any new credit as responsibly as possible. It is best to earn the money first for whatever item you are wanting to purchase. Always pay your monthly bills in a timely manner, do not get behind on any bills. This will also help you re-establish you credit. Preparing a monthly budget of all your expenses is very important to being able to keep track of where your money is going and keeping expenses down. It is much easier to see where you can cut expenses, if necessary, if you have such a budget. Establish a savings account and put a set percentage of your income aside every time you get paid. This will allow you to have a safety net in case of an emergency.
Once your Bankruptcy has been Discharged, you can see that this will lead to an opportunity to change your financial future and obtain a happier life for you and your family.