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Keeping Yourself Accountable as You Recover from Bankruptcy

There is only one person in charge of your financial recovery after completing the bankruptcy process - you. If you do not make an effort to change your financial habits and hold yourself accountable for your own budgeting, saving, and spending, you will quickly find yourself facing the same debt problems that drove you to bankruptcy in the first place. Of course, an unexpected accident or loss of your job could put unanticipated stress on your finances, but if you practice healthy financial habits, an issue like this can be less destructive than it would be for somebody without these habits.

There are many ways you can hold yourself accountable for your financial choices. Take the following into consideration as you prepare to close your bankruptcy case.

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Can I Get a Credit Card After Bankruptcy?

If you are currently going through the bankruptcy process or have recently completed it, you are probably hearing and reading advice from many different sources. The advice you receive might be contradictory or inconsistent, with some parties advocating strategies that would not work in your situation or seem like they would get you back into debt, rather than help you stay out of it. One piece of advice you have undoubtedly received is to take steps to rebuild your credit. But how? After bankruptcy, your credit score is severely damaged and will remain that way for years, possibly up to a decade.

You can start by getting another credit card. This might seem impossible, but it is actually a fairly simple, straightforward solution. Secured credit cards, credit cards that are backed by a collateral cash amount that you give to the bank to open the card, are a great option for rebuilding a damaged credit score. But they are not the only option. For many individuals, it is possible to get another unsecured credit card to start rebuilding credit again.

Tagged in: Bankruptcy Credit Debt
Reestablishing Your Credit After Bankruptcy

Those who need to rid themselves of their debt or are unable to pay off their debt may consider filing for federal bankruptcy. Individuals, municipalities, businesses, international parties, and even family farmers are able to file bankruptcy in federal court. When the court grants bankruptcy petitions, the debtor is resolved of debt in its entirety or is provided with a plan to pay off the debt over time. Although this may be beneficial to debtors, there is the remaining fear of how one's credit will be evaluated following bankruptcy. Reestablishing one's credit after filing for bankruptcy is important for financial recovery and security.

What Will Bankruptcy Do to Your Credit?

Initially, it will be difficult to rebuild your credit. Having bankruptcy on your financial record will often lead lenders to require you to pay more to borrow money. Such debtors may face:

Tagged in: Bankruptcy Credit Debt
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