Steps to Take After Filing for Bankruptcy

Successfully filing for bankruptcy provides you with a fresh financial start and the ability to begin rebuilding your credit. Once you have filed for bankruptcy, there are several steps you can take to help ensure the ongoing improvement of your financial well-being. At Todd Cushner & Associates, our bankruptcy litigation experts can help get you the results you deserve and provide you with the guidance necessary to attain firm financial footing.

Rebuilding Your Credit

The financial clean slate that bankruptcy provides will enable you to repair your credit, giving you the power to increase your credit score to a healthy level. One of the most effective ways to begin repairing your credit is by applying for a secured credit card. Secured credit cards have low minimum credit score requirements, and certain credit card companies offer secured credit cards with no credit score requirements at all. During the approval process, you will only need to pay an affordable security deposit, demonstrating your commitment to successfully rebuilding your credit. This security deposit often defines your credit limit, so be sure to make the value of the deposit amount a number that you are comfortable with; $200 is usually the minimum. As long as you continue to make your payments on time, you will be reimbursed for your security deposit in the future. Making timely secured credit card payments will also begin positively effecting your credit score. And once you have sufficiently increased your credit score you can then apply for an unsecured credit card, enabling you to further improve your score and increase your credit limit.

Want to learn more? Read our previously published article, Credit Repair – Is It Real?

group of credit cards

Staying on Top of Other Expenses

As we have just discussed, paying your credit card bills on time can significantly boost your credit score. But there are most likely other expenses that you will also need to pay on time to ensure the overall growth of your financial vitality. One of the largest expenditures may be the mortgage payments for your home. If this is the case for you, keeping up to date on your mortgage payments is an integral aspect in the prevention of falling back into debt in the future. You should also be sure to stay on top of other payments such as utility bills and any other monthly fees. You worked hard to regain your financial stability and clear your debts; do not risk losing what you have achieved by making financial mistakes that could have easily been avoided.

putting coin into a piggy bank

Start Saving

Periodically putting some money aside into a savings account can provide you with a financial cushion while also giving you peace of mind in the knowledge that you have the ability to fiscally survive unexpected financial downturns. In order to build a solid savings account, you may want to consider refraining from spending money on unnecessary expenses.

We Are on Your Side

The bankruptcy attorneys at Todd Cushner & Associates are here for you. Contact us today to schedule a free consultation and start your journey toward a healthy financial future.

 
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