How to Bounce Back from Bankruptcy!
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You can bounce back from bankruptcy quicker than you thought possible!
More and more American families are being devastated by bankruptcy. Here are easy steps that anyone can follow to bounce back quickly! There is life after bankruptcy!
As delinquencies and foreclosures rise, millions of people are struggling daily to stay afloat. With no where to turn to, families everywhere are running out of options.
The only alternative for some may be bankruptcy.
A family going through bankruptcy experiences a wide range of financial and emotional damage. It is important to remember that when your bankruptcy is over, you have been given a second chance.
Here are some steps you can take to regain your life faster than you ever dreamed!
Please listen to this first step, because it is by far the most important: Do NOT let the bankruptcy define you!
Do not beat yourself up! Promise that you will never let something like a bankruptcy happen to you again, but then move on. It was one time in your life, not who you are!
Second, this may be a good time for you to consider multiple streams of income.
You family is going to be more secure if you have income coming from several sources, even if your job is very stable. This is a great time to invest in you and learn a new skill! Why not start a website based on a hobby or a home-based business?
Regaining your financial life is another key area of importance. One of the first things you will need to do is open a bank account. (Assuming you do not currently have one.) You might try visiting a credit union or grocery store bank and establishing a relationship with the branch manager. Explain what happened and find out what you will need to do to get another account. It may not happen overnight, but if you do what is necessary, you should be able to open an account fairly quickly.
The next step will be to begin reestablishing your credit. This might seem illogical since it was too much credit that started the whole thing!
Sadly, you must use credit in order to improve your credit score. Having a low credit score or none at all is expensive.
Right after you have filed bankruptcy, you may think that it will be impossible to get new credit. Luckily, there are a couple of options.
The best option is to go to your bank or credit union and buy a certificate of deposit for a set amount, say $1,000. Then you will want to take out a secured loan against this CD. The bank is willing to give you the loan, because if you default they have the CD as collateral. They cant lose and you win by establishing a payment history on a bank loan!
The second way to reestablish credit is through secured credit cards.
You will likely begin getting offers for these shortly after your
bankruptcy has been discharged! A secured credit card works much the
same way as the CD loan does. You will give the lender a set amount
upfront and they will issue you a credit line of that amount or perhaps
slightly more.
It is important that you choose your credit card
company wisely. You dont want to pay an application fee and you are
looking for a low annual fee. Additionally, you want a card that will
convert to an unsecured credit card at some point in the future,
typically after 18-24 months of on time payments.
Managing your
newly reestablished credit properly is very important. You need to
establish good payment habits as lenders will be much less forgiving of
delinquency after your bankruptcy than they were before.
Monitoring your credit regularly is very important.
Keep
a close eye on all of the accounts that were included in your
bankruptcy. Very often, lenders will continue to report these accounts
as open and past due.
The best thing to do is to have a form
letter on hand to send to anyone who contacts you. Make sure it
includes your information, the case number and your attorneys contact
information. That way, it is easy to respond and nothing falls through
the cracks.
By following these steps, you can bounce back from
bankruptcy in no time! In several years, you will even be able to own a
home again!
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