Adopt a Simplistic Lifestyle During and After Bankruptcy
Overspending is often the choice that leads many people into their current debt condition. We advise our clients to be mindful of their spending habits. Make a distinction between your wants and needs to avoid propelling yourself back into overwhelming debt.
Focus on Repairing on Bad Credit
After bankruptcy, you may want to obtain a credit card, but make sure to pay off all bills and balances on time. You should use credit cards wisely because they can be a valuable tool to rebuild credit, but can also place you deeper into debt if you do not pay your balances on time. With proper financial management, you can stay financially sound and build good credit.
You Can Have Hope in a Debt-Free Future
Eventually, you may be able to purchase large items on credit because of your lack of debt. After about two or three years after your debts have been discharged, you can qualify for mortgages. Car loan qualification can come much sooner, even directly following the debt discharge.
What You Need to Know
Many clients can reasonably expect an increase in their credit score within about 12 months from the date they filed for bankruptcy. Other newfound financial freedoms can be experienced two years after discharge, including improved credit, being accepted for necessary loans, and obtaining mortgages. Clients should understand that every case is different, but relief can be found through debt elimination. After bankruptcy, you will be free to move forward financially and rebuild your credit with the new habits you learned throughout the bankruptcy process and from the counsel of our debt relief attorneys.
At Jackson & Oglesby Law LLC, we are committed to helping you alleviate the weight on your life associated with debt stress. Contact our firm today to learn more information on life after bankruptcy!
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