After your bankruptcy lawyer files your Chapter 7 or Chapter 13 bankruptcy petition, what’s next? A skilled attorney at Pray Law Firm PA in North Little Rock, AR, explains there are a few steps to take to secure your financial future. With your foreclosure or other crisis stayed, you can breathe a sigh of debt relief and rebuild your credit life.

Bankruptcy Lawyer Shares Steps to Take After Filing a Petition

Make a Budget

Establish a firm financial foundation and control spending after bankruptcy by sticking to a monthly budget. Remember to include your nondischargeable debts, such as child support or student loans. If you need help, ask your bankruptcy lawyer for a budget format, or use one of the free forms available online.

Save Money

Were you saving money before your financial crisis hit? If not, it’s time to start. You have fewer or no debts, so there’s more income available than before your bankruptcy. Include a line item for monthly savings in your budget, open a savings account, and plan on having an emergency fund and a down payment for a home or car.

Reestablish Credit

Opening your savings account at a bank or credit union will help you reestablish credit. Ask them for a secured credit card with a low limit you can manage, and pay your bills in full and on time. With a good payment record and money in the bank, you should qualify for a traditional credit card in six months to a year.

At Pray Law Firm PA, dedicated bankruptcy lawyers guide their clients through the complex process of filing Chapter 7 and Chapter 13 petitions. Count on these experienced attorneys to combine compassion and professionalism to make your bankruptcy experience as pleasant as possible. Call (501) 771-7733 today to schedule your free legal consultation.