Dothan, Alabama
111 Adris Place
Dothan, AL 36303
(334) 673-0100

4 Tips for Recovering From Bankruptcy March 28, 2019

Dothan, Houston
4 Tips for Recovering From Bankruptcy, Dothan, Alabama

Life after bankruptcy can be challenging. While it allows you to regain your financial freedom, your credit is seriously impacted. Fortunately, this is only temporary, as the effects of filing bankruptcy will diminish over time. Additionally, there are steps you can take to help repair your credit score even quicker. Here are a few tips for achieving a successful recovery from the bankruptcy process.  

How to Restore Your Financial Life After Bankruptcy 

1. Create a Budget 

Bankruptcy doesn’t wipe out every kind of debt, so you might be left with some financial obligations along with your everyday household expenses. Avoid falling into the same position you were in before by creating a budget that helps prevent you from overspending. Keep track of everything you owe each month to ensure no payments are missed, and allot a certain amount to set aside for an emergency fund. 

2. Pay Your Bills on Time 

bankruptcyPayment history accounts for a large percentage of your credit score. Therefore, you should be vigilant about making sure the bills are consistently paid on time every month. Even one late payment can cause a setback in the work you’ve done to turn your financial situation around. If you find it difficult to remember due dates, set up automatic payments through the bank or payment reminders.

3. Get a Secured Credit Card 

Although the objective after bankruptcy is to steer clear of debt, using credit responsibly is the fastest way to improve your credit score. Once you’ve stuck to a budget for a while and proven you can make on-time payments, consider getting a secured credit card. This will give you the opportunity to start re-establishing a positive credit history, so you can soon obtain a traditional credit card or personal loan. 

4. Monitor Your Credit Report 

Keeping an eye on your credit report is essential when recovering from bankruptcy. If any old or incorrect information is showing up, it can hinder all the effort you’re putting into raising your score. Make sure all of the details listed in the report are current and accurate. Should you notice any errors, report it to the corresponding credit bureau right away and have them fix it.                                 


When you declare bankruptcy, you’re essentially taking a hit to your credit now, so you can work toward a financially healthy future. If you have questions about filing bankruptcy and what to expect in the aftermath, don’t hesitate to contact The Gil Law Firm. For nearly two decades, the Dothan, AL-based legal practice has been helping clients throughout Alabama, Georgia, and Florida eliminate debt problems and get their lives back on track. Call (334) 673-0100 to discuss your financial goals with an experienced attorney, or visit them online to learn more about the different bankruptcy options.

Other Announcements, Events and Deals from The Gil Law Firm
How to Talk to the Claims Adjuster After a Car Accident Injury, Dothan, Alabama
If you were hurt in a car accident that wasn't your fault, you may have grounds for a personal injury claim. Since insurance adjusters are trained to find even the smallest reason& more
What’s the Difference Between SSI & SSDI?, Dothan, Alabama
For individuals living with a disability, receiving financial benefits through applicable programs can make all the difference in maintaining a good quality of life. The Social more
What Does a Bankruptcy Trustee Do?, Dothan, Alabama
Individuals who file Chapter 7 or Chapter 13 bankruptcy are expected to cooperate with their assigned trustees. This person oversees and represents the estate in question, so more
What Mental Impairments Qualify for SSDI Benefits?, Dothan, Alabama
The Social Security Administration awards disability insurance benefits to individuals suffering from mental disorders as well as physical disabilities. In both cases, more
How to Build a Strong Slip & Fall Case, Dothan, Alabama
If you were recently involved in a slip-and-fall accident, you might be interested in filing a personal injury claim. The law protects victims in these cases, but before you more