After seeking Debt Relief St. Charles MO, and deciding that bankruptcy was the best choice, there would come a time when the bankruptcy is over. If it was a Chapter 7 bankruptcy, that would be in well under a year. If Chapter 13 was filed, it will be in three to five years. Now what?
Bankruptcy was designed to give people a second chance. Most people file for bankruptcy because of events beyond their control, such as medical bills or a job loss. Life doesn’t come with any guarantees that there won’t be more financial crises in the future, so preparation is essential.
Build an Emergency Fund
Financial consultants regard an emergency fund as absolutely essential, and many suggest $3,000 should be the initial goal. It wouldn’t cover a major problem, but would pay for most car repairs or a new refrigerator, for example, without the need to borrow money. Putting some money away from every paycheck, using the pay-yourself-first philosophy, is a self-discipline that always pays off.
Don’t Waste Money
In one way, those who sought Chapter 13 Debt Relief St. Charles MO, have an advantage. While going through Chapter 13, they lived on a tight no-frills budget. Now that their money is completely under their control again, all that they need to do is maintain a similar lifestyle. Save expensive meals out for treats and don’t go out to eat just to avoid cooking dinner.
Pay Every Bill on Time
This can’t be emphasized enough. Staying caught up is much easier than playing catch up. Many bills can be set up as automatic deductions on the due date, so give this serious consideration.
Get One Prepaid Credit Card
The only way to rebuild credit is to get credit. The credit card offers will be pouring in, but most of them will have high limits and “gotcha” terms. As an alternative, get a prepaid credit card, use it and pay it off every month. Check that this card will be reported to the credit bureaus or it will not help to rebuild credit. Some prepaid cards do and some don’t.
Life can be very good after bankruptcy. If you desperately need Debt Relief St. Charles MO, call the Law Offices of Steven K. Brown. He has a wealth of experience in bankruptcy as well as with personal injury and workers’ compensation. Call to learn how they can help you.