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I Filed for Bankruptcy: Now What?

Posted on in Bankruptcy

I Filed for Bankruptcy: Now What?

You made an important decision about managing your debt. You filed for bankruptcy. Whether you filed for Chapter 7 or Chapter 13 bankruptcy, you sought help from the court to get your debt under control. Now, here you are after bankruptcy. You might not know how to live without debt or how to avoid going into debt again. If this is the case, do not be afraid. You can regain control of your life by learning how to move on from bankruptcy by working with an experienced bankruptcy attorney.

Once you have finalized your bankruptcy, you will need to develop a plan for moving forward with your purchasing and managing any new debt you accrue. If you filed for Chapter 13 bankruptcy, you can continue to use the budget plan you developed with your court trustee as you move forward. Other issues to consider include:

Fixing your Credit with a Secured Credit Card

Getting another credit card after bankruptcy might be the furthest thing from your mind, but do not be intimidated by it. You need to rebuild your credit after bankruptcy and using a credit card is one of the quickest, easiest ways to do this. If you do not qualify for a traditional credit card or you do not trust yourself to use one responsibly, apply for a secured credit card. With a secured credit card, you put down a sum of money as collateral. This sum is your credit limit.

Fix and Avoid Old Habits

There is likely an old habit or two that got you into debt in the first place. Maybe you struggled with alcohol addiction or you felt pressured to always have the latest phone, computer, or vehicle. Work with a counselor to pinpoint exactly how you spent money irresponsibly in the past, then take steps to correct this problem. If your spending compulsion was socially motivated, reassess your group of friends and ask yourself why you felt the need to spend money to fit in. If your problem was more serious, such as gambling or addiction, seek help through a rehabilitation program to avoid falling back into your old patterns.

Embrace your Financial Freedom

Take time every day to be thankful for the help you received through the bankruptcy process. Although it is not easy to complete this process, avoiding it would have caused you to go deeper into debt. Remember this when you catch yourself romanticizing the past or falling into old spending patterns.

Illinois Bankruptcy Attorneys

For compassionate legal guidance through the bankruptcy process, contact Illinois bankruptcy attorneys at the Law Offices of Newland & Newland, LLP. We understand the struggles that bankrupt individuals face at every stage of the process. Whether you file for Chapter 7 or Chapter 13, or if you are unsure of which type of seek and need help determining which is right for you, we are here to answer your questions and represent your case. Contact our firm today to get started.

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