With bankruptcy in Arizona on the rise, there are thousands of people who have gone through the painful process of deciding whether or not they should file bankruptcy. And it's not an easy decision. Many factors come into play. Many struggle with moral issues, feeling they are compromising their integrity by getting their debt discharged. Some worry that it will ruin their reputation. Others worry about the long term effects that a bankruptcy will have on their credit score.
It's not an easy decision, but for many it really is the best. The bankruptcy code was established to help people. You should not feel ashamed to use it. So many people are placed in these situations by no fault of their own. An unexpected illness, loss of a job, or accident can place families in desperate financial conditions. Bankruptcy is about fresh new starts, and that's what this article is about, how to make the most of that new start.
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It's true that bankruptcy will stay on your record for seven to ten years depending on what chapter was filed. It's true that it may be difficult at first to get loans and credit cards. But it's not the end of the world. In fact, the negative effects of bankruptcy, if handled well, will immediately begin to diminish and will be all but gone after only a few years. In this first part of a two part article, we will look at some of the things you can do after bankruptcy to begin to rebuild your credit, and more importantly, your future.
First, learn to live within your means. If you filed for a chapter 7 bankruptcy, all of your non secured debt has been discharged and you have no debt. If you filed under chapter 13 bankruptcy you are on a structured repayment plan. Either way, you need to review your finances and make budget plans. Find a consultant, or ask your bankruptcy attorney for help, in any case it is extremely important that you make your payments on time. This will begin to rebuild your credit.
Analyze your expenditures and decide what you can do without. If you're not a homeowner, maybe consider relocating to a smaller less expensive apartment. If you have more than one vehicle, can your family do with just one? These are questions that can only be answered by each individual and family after much thought and consideration, these are simply ideas to help you regain control of your finances.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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