No one is immune to financial disaster. All it takes is one unprecedented event – an illness, job loss, a hike in property tax, and more. When financial disaster strikes, filing for bankruptcy may be the only way to get a fresh start. That’s not to say that life after bankruptcy is easy. There’s a lot of repair work you need to do, both financially and emotionally. However, it’s not all doom and gloom. It is possible to recover from a bankruptcy filing. If you’ve recently filed for bankruptcy in Missouri, our bankruptcy Attorney in Maryland Heights, Mo, Charles Huber may just be what you need to help you get back on track. Here are a few key steps you can take to kickstart your journey to a more prosperous financial future.
Make a financial plan.
A financial plan affords you control over your income, expenses, and investments, placing you in a better position to manage your finances. It can help you avoid slipping into the same mistakes that drove you to bankruptcy in the first place. We have to learn from our mistakes, after all. To create a financial plan, you need to consider your savings goals, budget, how you plan to rebuild your credit, and long-term investments.
Filing for bankruptcy doesn’t mean that you aren’t eligible for loans. It just means that you won’t be subject to a legal limit. Plus, it’s much more difficult to qualify for a loan, especially one with low-interest rates. That said if you must take a loan, do it with diligence. Ideally, you should never take credit beyond your monthly income. Furthermore, you should ensure that you pay back your loans and bills on time in order to rebuild your credit score. One excellent way of ensuring you don’t fall back on your bills is by scheduling automatic payments.
Stay on top of your credit rating.
You can easily monitor your credit report online or via free credit reporting online tools. But why is it important to do so? Watching your credit report helps you ensure that the information pertaining to your bankruptcy is accurate. Any inaccuracies may damage your credit score, potentially worsening your financial future. If you do identify inaccurate information, you should file a dispute with the credit bureaus. They will have 30-days to investigate the claim, after which you should receive an answer.
Create a financial reserve
We never know when financial disaster will hit. Having a rainy day fund gives you peace of mind and greater financial stability when it does occur. If possible, you should have at least six months’ worth of living expenses in case of an emergency. This will help you avoid or minimize credit until you are back on your feet.
Consult a bankruptcy attorney In Maryland Heights:
Regardless of your situation, a bankruptcy attorney is the best person to consult on how you can move forward. Our bankruptcy Attorney in Maryland Heights, Mo, Charles Huber will present you with all of your options and advise you on the best possible course of action. If you anticipate a financial crisis, it is also best to turn to a bankruptcy attorney as soon as possible to discuss your options.
Filing for bankruptcy can serve as a “do-over.” But that’s only if you don’t repeat the same mistakes. Recovering from it will take quite a lot of patience, lifestyle change, and a whole lot of disciple. However, the potential benefits make it all worth it.
If are you overwhelmed with your debts or experiencing financial struggles. We can help. Get in touch with us for a free consultation with an experienced bankruptcy attorney in Maryland Heights, Mo.