You finally decided to take the important step of filing for bankruptcy, completed all the steps and your bankruptcy is now finalized. Now you are wondering what exactly your life will look like.
Chances are, you are not only relieved about no longer having to endure the crushing burden of debt, but nervous about what to expect after bankruptcy.
You likely have many questions about what you will or will not be able to do when it comes to things like buying a home, obtaining a credit card or rebuilding your credit. Worries around how your bankruptcy will affect your job or reputation are also common.
Maintain a job and stable residence
Getting back on your feet usually involves having a stable job and living situation. If you had to sell your home as part of your bankruptcy, you might have trouble finding a new place to live right away.
A credit check is a standard part of the rental application process. Stay with a friend or family member if possible while you search for a new place to live so can show you have a valid address.
Pay your bills
Although it can seem obvious, pay your bills in full and on time. This is the simplest way to rebuild your credit. Having a new, solid payment history following your bankruptcy shows creditors that you are serious about making a fresh start.
Keep money in a bank account, no matter how small the amount. Open a new account if you must and maintain a balance.
Be patient and take it one step at a time
Patience is necessary. Your main concerns are likely to involve when you can make major purchases or take out loans again. It might take years before you can do these things, which is why taking the above small steps is so important.
Once you are ready and able major purchases, such as buying a car or a house, examine all potential options. There are banks or lending companies out there that offer loans to people who have filed for bankruptcy; however, spend time researching the companies to make sure they are legitimate.
You will be expected to meet higher standards
Be prepared for the process to be more difficult than it was prior to bankruptcy. You will likely be asked to provide additional documentation and there may be more requirements you must meet. Find someone willing to act as a co-signer, if necessary.
Overall, there is a bright future ahead for you after bankruptcy. The extra effort you take to get back on your feet and rebuild your credit is well worth it, allowing you to put your bankruptcy behind you and move on with life.
Helping you from start to finish
When filing and going through the bankruptcy process, it is important to work with an experienced bankruptcy attorney. There are many steps that must be precisely followed to receive a successful discharge of your qualifying debts.
Having a professional by your side can make the process quicker and smoother. You will emerge from your bankruptcy with the knowledge and confidence necessary to productively live your post-bankruptcy life.