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How to Rebuild Your Financial Health After Filing for Bankruptcy September 25, 2017

Chelsea, Manhattan
How to Rebuild Your Financial Health After Filing for Bankruptcy, Manhattan, New York

Filing for bankruptcy gives many people the opportunity to become debt free. If you’ve just had your own bankruptcy discharged, it’s time to start thinking about your financial future so you can make the most out of the fresh start you’ve been given. There are a few things you can do to help restore your credit and take control of your finances once again.

The professionals at We The People of NY provide the residents of New York, NY with a variety of services. They help clients prepare the proper documents to petition for bankruptcy and guide them through the process. Below, they go over some important steps you should take after receiving your final order:

Create a Budget & Stick to It

One of the first things you must do is create a budget that you can commit to. This will help to give you a clear understanding of your expenses and spending habits. When you stick to a financial plan, you’ll be able to live within your means instead of relying on credit and begin to save for future goals.

Pay Your Bills on Time

Filing for BankruptcyIt’s likely that even after filing for bankruptcy you will have bills that need to get paid. This may include utilities, a car loan, mortgage payment, and non-dischargeable debts, such as student loans or tax obligations. It’s essential that you pay these expenses and send them in on time every month.

Consider Ways to Rebuild Your Credit

While you want to avoid unnecessary debt after your bankruptcy, you will need to start rebuilding your credit. One of the easiest ways to do this is by obtaining a credit card and paying off the balance each month. You can also ask to become an authorized user on someone else’s credit card account to help boost your score.

Filing for bankruptcy will offer you a new beginning, but it’s crucial that you do the right things to keep your financial health in good condition. This will keep you from getting into the same trouble with debt you were in before. Contact We The People of NY at (212) 633-2200, or visit them online for additional information.  

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