While saving your home and ending creditor harassment provides a certain level of relief, individuals who file bankruptcy need a plan for long term financial stability as well.
Obtaining New Credit
After the bankruptcy process is complete, a majority of your debt will be discharged. In order to successfully take advantage of the debt relief acquired through bankruptcy, many individuals seek to increase their credit score through establishing good credit through responsible saving and spending.
While offers for numerous credit cards and gas cards may be received during this time, we advise our clients to be responsible in taking on new lines of credit and that each should be repaid in a timely manner, which helps improve their credit rating.
Lower Monthly Expenses
In most instances, the preferred method of reducing credit usage is to lower monthly expenses. Creating a budget that will allows you to live within your means can help get you back on your feet as you try to rebuild your credit.