While filing for bankruptcy can be stressful and feel like a defeat, it’s also a solid solution for getting rid of insurmountable debt. If you act responsibly about your finances moving forward, you can rebound from bankruptcy and reestablish strong credit. Below are three tips to help you regain your financial freedom. 

What to Do After Filing for Bankruptcy

1. Apply for a Secured Credit Card

Your credit score takes a big hit after you file for bankruptcy, and you may have trouble opening new lines of credit. Even if you do qualify for a credit card, you want to avoid living beyond your means and racking up debt all over again. Applying for a secured credit card is a great way to start to rebuild your credit without facing the risk of overspending. Secured cards are easier to qualify for if you have bad credit, and they require a deposit to cover all charges you incur.

2. Check Your Credit Report Regularly

It takes credit agencies about three to six months to update your report after filing for bankruptcy. Make sure that this happens and check your report regularly after it does. If you’ve taken steps to get back to that zero balance, you will want to make sure you catch any errors or discrepancies and report them right away.

3. Follow a Budget

You’ve gone through a lot to get yourself out of debt, and you should avoid overspending at all costs. Review your monthly expenses, create a budget, and follow it to the tee. If you do have extra cash at the end of the month, put it into a savings account so that you have emergency funds for unexpected expenses such as medical bills or household repairs.
 

For more tips to help you get back on your feet after bankruptcy, get in touch with Harry B. Zornow in Hamilton, OH. For more than 30 years, this experienced attorney has been helping clients consolidate their debt, restructure their finances, and get back on their feet. Visit his website to learn more about his services, and call (513) 737-9770 to schedule a complimentary consultation today.