Filing for bankruptcy is a step toward giving yourself a fresh start, but there are some consequences of doing so. A bankruptcy attorney will be able to explain how filing for bankruptcy will affect your life going forward and will help you decide if it’s the right path for you. If you have questions about chapter 7 or chapter 13 bankruptcy, turn to Mark O. Grater Attorney at Law in Groton, CT, and read on to learn what you should do after filing.
Improve Your Credit
Many people are surprised to learn that it’s actually fairly simple to improve their credit following a bankruptcy. By making smart financial choices over time, your credit score will increase gradually, and past mistakes will eventually fall off your credit report altogether. Make it a point to never miss a payment, and always pay your monthly credit card bill in full to repair your credit as quickly as possible.
Stay Out Of Debt
It is critical to devise a reasonable budget after filing bankruptcy. Though both chapter 7 and chapter 13 will give you a clean slate, you do not want to find yourself in a similar financial position a few years down the road. By controlling discretionary spending and budgeting for the necessities, you will stay out of debt and improve your credit, which will ensure you make the most of the second chance that bankruptcy gives you.
There are scams that prey on individuals who are stressed about their finances. After you declare bankruptcy, make sure you avoid common pitfalls, including credit repair scams and high-fee credit cards. Instead, fix your credit gradually by making smart financial choices moving forward.
If you are struggling to make ends meet, a bankruptcy attorney will be able to help you determine if filing is right for you. Visit the website of Mark O. Grater Attorney at Law to learn more about his practice, and call (860) 449-8059 to talk to a bankruptcy attorney in Groton, CT, today.