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Life After Bankruptcy

One of the major benefits of bankruptcy is that you will be no longer stressed by constant creditor calls or feel the burden of devoting much of your income to paying down your debts. Considering the immense amount of stress and anxiety that has been lifted off your shoulders, life after bankruptcy can be good. In light of your new financial clean slate, it is very important to avoid the mistakes you made in the past that led you down the path of financial hardship. An attorney from Price Law Group can provide you the guidance you need to avoid the common mistakes some individuals make following bankruptcy. In this respect, a lawyer can be an invaluable asset in safeguarding your future.

How will your life really be affected?

According to a recent survey, about %13 of adults in America have considered filing for bankruptcy. If you are facing financial difficulties or have recently filed for bankruptcy, remember this: you are not alone. In 2012, 1.53 million bankruptcy petitions were filed in the United States. Bankruptcy is a prevalent issue in our society, but many people don't know how to deal with the ramifications that bankruptcy can leave in your financial, personal, social, professional and emotional life. After bankruptcy, you may feel a sense of guilt or shame. Don't. Feeling guilty doesn't improve your financial or emotional life; instead, focus on making your financial future more secure.

Unmanageable debt may be one of the most frustrating and overwhelming challenges you face. Take some time to think about how you accumulated debt and how you can avoid it in the future. Then, establish a realistic budget and stick to it. What does this entail, exactly? Paying your bills on time and living below your means. Pay yourself after your pay your bills. Prioritize your spending so that your always pay your existing bills on time and have money left over to save. You might even begin collecting cash for an emergency fund so that you can avoid accumulating emergency-related debt in the future.

Securing a Better Financial Future

You've probably heard a lot of misconceptions about bankruptcy. For instance, many people believe that, because a bankruptcy petition is reflected on your financial record for 10 years, you will have to wait 10 years before qualifying for a mortgage. This is false. While bankruptcy has an adverse effect on your credit rating, you can begin establishing new credit immediately. How? The best way to improve your credit is to prioritize your spending so that all of your bills are paid on time. Additionally, you might consider getting a secured credit card. A secured credit card allows you to gradually rebuild your credit by charging small amounts each month.

Just remember, bankruptcy isn't the end of your financial life. Bankruptcy laws were established to give debtors a second chance – to give you a shot at a fresh financial start without a cloud of debt hanging over your future. Avoid dwelling on your past mistakes and focus on sticking to your budget in the future. Without debt, you have some breathing room to begin putting your expenses towards wise investments and financial opportunities. Putting your earnings towards your education or investing in a promising business operation may help you make more money in the future. Every month, take money out of your paycheck to put into savings. This way, you can accumulate a safety net to protect your credit and financial security in the event of an emergency in the future.

Following a bankruptcy, credit card companies may be hesitant to extend you a line of credit. If you are extended credit a line of credit, the interest rate on this credit will usually be very high. It is advisable that you take the first credit card you are offered. It does not matter what card you choose because the interest rates on all these cards will be about the same. Usually your first post-bankruptcy credit card will be a store card of some sort. You should then make a modest purchase on this card and then pay back the full amount on time. It is absolutely essential that you faithfully pay on time, as missing payments will harm your credit even more. After a while, you will be offered major credit cards and eventually your interest rates will drop as your credit improves.

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