Life After Bankruptcy
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Life After Bankruptcy
When your bankruptcy is over, it is time to start rebuilding your credit and get back to the life you once had or the life you have always wanted. Bankruptcy gives you a fresh start and a second chance with your credit and finances. There is no reason to waste energy on feeling guilty about a past bankruptcy. There are several things you can do to start rebuilding your credit and build a financial future. Tips for rebuilding credit:
- Create a realistic budget and pay all bills on time
- Open credit cards that will help you build credit
- Obtain financing for vehicles or homes
After your bankruptcy has ended it is important to keep track of your credit score and to stay within your planned budget. Taking a money management course after your bankruptcy will help you learn how to manage your finances and plan for the future. The Utah bankruptcy attorneys at LeBaron & Jensen, P.C. to learn how to make the most of life after bankruptcy.
Call LeBaron & Jensen, P.C. to learn about life after bankruptcy today at (801) 773-9488 in Layton.
Credit Cards and Bankruptcy
After you have completed bankruptcy, you will notice that when you are approved for a loan or credit card, the interest rate is much higher than interest rates you have previously qualified for. This is the time when you need to start rebuilding your credit. One way to rebuild credit is to open a new credit card. Opening a credit card and making scheduled payments is the best way to show creditors that you are responsible to pay your future debts.
Tips for reestablishing your credit with credit cards:
- You will only qualify for high rate credit cards
- You may qualify for a credit card if you open a savings account to secure the card
- Make all credit card payments on time
- Be responsible with credit and don’t borrow more than you can repay
Call LeBaron & Jensen, P.C. for help with credit cards after bankruptcy at (801) 773-9488 in Layton.
Repairing Your Credit After Bankruptcy
There are several ways you can start repairing your credit after bankruptcy. If you choose to live without credit cards and loans your overall financial health will benefit but your credit score will remain low and you will be unable to attain credit in the future. When you do get a credit card or a loan, it is important to remember not to max out credit cards or take out loans that you are unable to pay on time.
Here are a few tips for rebuilding your credit after bankruptcy:
- Check your credit report frequently to make sure your bankruptcy and discharged debts are being reported appropriately
- Complete financial management counseling and stick to the budget you have created
- Open new credit cards and start new loans to establish a higher credit score and prove to creditors that you are able to make scheduled payments on your debt
- Use auto pay options to make all payments on time
- Pay all student loans and non-dischargeable debts on time
- If you can’t get a credit card on your own, open a secured or prepaid credit card to start reestablishing your credit
- Don’t max out your credit cards. The lower your ratio of outstanding debt to available credit, the better your credit it will be
Life after bankruptcy doesn’t have to be scary or look bleak. There are many ways to make sure you get back to where you were or even, in a better financial situation. Contact the LeBaron and Jensen Attorneys in Layton today to help you with your life after Bankruptcy.
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We’re a talented group of attorneys interested in helping our clients get a fair settlement for their Personal Injury Cases.
Miles Lebaron
Tyler J. Jensen
Dallin Morrow
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LeBaron & Jensen has decades of combined experience handling a variety of personal injury cases throughout the mountain states. We provide free, no-obligation consultations for a variety of personal injury claims.
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