As difficult as it is, the truth is that bankruptcy is a means to an end – financial independence after debts become overwhelming.
The most significant and immediate thing you can do after bankruptcy to begin rebuilding your credit is to develop a budget and stick to it.
Making sure that your bills are paid in a timely manner every month is the most important single thing you can do to establish yourself as a good credit risk in the future.
Another positive step you can take is to make sure that each month, you put aside some money into a savings account.
Even if it’s only a small amount of money, consistently building a rainy day fund can help make sure that you have what you need to deal with emergencies that would ordinarily bust your budget.
Finally, there are instruments like secured credit cards that can give you some extra leeway. With a secured card, you’ll deposit a set amount of money into an account, and that amount is your credit limit.
You’ll have the flexibility to charge items, and the ability to pay the card off each month.
Filing for bankruptcy isn’t anyone’s first choice, but it’s not the end of the world either.
When you’re ready to get free from creditors, call Zelenitz, Shapiro & D’Agostino at 718-599-1111 and talk to an experienced Queens bankruptcy attorney for free.