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If you are ever in a situation that means you have no choice but to file for bankruptcy, you will be flooded by an overwhelming sea of emotions. You quite clearly will lose some important assets like your home. If you own it, you may also lose other important assets too. Bankruptcy will eliminate your debt so you will be relieved of that stress. However, you are starting again from zero, and it will remain on your credit score for years, prevention you from getting credit in the near future. You must remember that you can financially recover from bankruptcy and prosper in the future as long as you develop the right mindset and learn from your mistakes.
Acceptance
To actually file for bankruptcy suggests a certain level of acceptance in the first place. But as long as you know your life will change and that you are going to have to live somewhere else and don’t fight any of these changes, you have accepted your new financial fate. It may help if you research who you will file for bankruptcy with like consumer bankruptcy. They may be able to help you more than you thought possible. From this position, you are in a far better place to move forwards positively and protect the things, such as your job, that will help you through.
Save your Paperwork
Ensure you save all the paperwork from your bankruptcy. This is something that will affect you later, and if you have the paperwork to hand where and when you need it, it will help speed things up.
Focus on Saving
As long as you still have your job, you can begin the process of saving. It is important that you don’t make the mistakes of the past and have nothing to fall back on. Perhaps it is prudent to take a look at your finances and realize where exactly you first went wrong and avoid that happening again. And if your focus is on saving, and budgeting you can help mitigate that and rebuild your life in a positive way.
Build Up Your Credit Score
You have got a serious black mark against your name, so now is the time to be extra cautious. Make sure you pay all your bills on time and report your utility bill payments. Some utility companies can send this information to Experion, so it may be worth your time getting this set up. You could also possibly open a secured credit card. A secured credit card is secured against the funds in your savings account. So, if you do not pay, they will be able to access that. This can be a great way to build up your credit score. However, if you feel you will struggle with any of this, perhaps it is better to avoid these things.
Check Your Credit Score
Once you have gone through bankruptcy, you should ensure that you monitor your credit score regularly. This is to ensure that all the information is correct and true.
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