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I Have Filed for Bankruptcy – Now What?

Posted on in Bankruptcy

Filing for bankruptcy is not an easy decision. While it is true there are repercussions to filing for bankruptcy, your future is probably not as bleak as you are envisioning. Your financial and psychological recovery from bankruptcy will be easier if you approach it with a positive attitude.

  • Let go of the guilt. If you are feeling shame, consider this: according to statistics provided by the United States Bankruptcy Courts, 1,221,091 bankruptcies were filed in 2012. You are clearly not alone. The fact that you are feeling guilt confirms that you did not originally intend to need to file bankruptcy. Divorce, medical bills and job loss are all large contributors to bankruptcy. These situations often cannot be foreseen or avoided. Even so, mistakes are part of being human. Forgive yourself and vow to do better.
  • Dedicate yourself to determining the problem so you don't repeat the same mistake. Consulting with a financial counselor can be very helpful in figuring out where you may have gone wrong or could have been better prepared. A financial counselor can help you set realistic plans and budgets to ensure you are never in the same position again.
  • Begin rebuilding your credit score. There are a number of ways you can immediately begin credit recovery. Your most recent credit history lends more weight to your credit score than older credit history, so start building up that good credit right away. Discuss a secured credit card with your financial counselor, which sets a credit limit based on your income and a security deposit. Whatever card you decide on, make sure the card company reports your payment history to the credit bureaus so you get credit for your responsible payment record.

If you are still in the decision-making process and have not yet filed for bankruptcy, you can see that it is does not have to be as bad as you may be imagining. Your best ally in this decision is a qualified bankruptcy attorney. Contact an experienced Illinois bankruptcy attorney today!

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