With COVID restrictions finally lifted and tax season over, it’s the perfect time for a fresh start. If you’re one of the many Americans struggling with debt, this might mean filing for bankruptcy. That being said, as a bankruptcy attorney Tennessee trusts, I know many folks worry about what life will be like after they file. How do they rebuild their finances and finally achieve the life they’ve always wanted?
Over the years I’ve kept in touch with many of my clients, and I’ve seen people heal all aspects of their lives. Though it takes some diligence, it is possible to finally buy the house you’ve always wanted, pay for your children’s education, and build back a strong credit score.
Below are some strategies I’ve used with past clients to help them achieve — and maintain — financial freedom after bankruptcy.
Tips to rebuild after bankruptcy
2. Rebuild your credit the right way
One of the most common questions I hear is whether or not bankruptcy will ruin your credit. If you’re filing for bankruptcy, chances are your credit score is not in a good place to begin with. Bankruptcy can be a fantastic opportunity to change that.
However, be wary of credit card offers after bankruptcy. After a Chapter 7 bankruptcy, you might find your mailbox flooded with offers for high-interest credit cards. It is very important to resist these. The good news is, we can help. We offer all of our clients our free credit restoration program, 7 Steps to a 720, to help them rebuild their credit score quickly and efficiently after bankruptcy.
2. Stick to a Budget
You don’t want to file for bankruptcy only to have old spending habits drag you down. Some expenses like unexpected medical bills are unavoidable, but creating and sticking to a budget will help keep your daily costs in order. Tracking your spending will ensure your bank account balance will never take you by surprise, and can be a great way to see your progress toward financial rebuilding. That being said, I know budgeting can be daunting. Here are some tips to get started.
3. Explore your options for buying a home or car.
There are different options for folks who’ve filed for bankruptcy when it comes to buying a car or home. Maybe you’ve been told it won’t be possible after bankruptcy, but don’t lose hope. We can help you find an option that makes sense for your situation. For example, we’ve helped past clients find late-model, low-mileage cars. In terms of buying a home, non-qualifying assumable loans have helped many of our clients become homeowners. No matter how hopeless your situation feels right now, I want you to know there is hope. I became a Tennessee bankruptcy attorney because I want to see every single one of my clients achieve their goals.
Contact a bankruptcy attorney Tennessee trusts today for FREE.
If you’re struggling with debt, know that a bright financial life after bankruptcy is possible. Contact us online or give us a call at (901) 327-2100 to talk to one of our experienced bankruptcy attorneys for FREE. We will discuss your specific situation, what options are right for you, and answer any questions you have, no strings attached.
Remember: bankruptcy isn’t the end of your financial life, it’s just the beginning. Give us a call today to get started.