It is definitely a great feeling to have been freed from most of your debts by having filed for bankruptcy. Now you have a discharge for your debts, your creditors can no longer pursue a collection action against you, allowing you to start anew.
However you did have to compromise on your credit rating, which is now probably very low. You should consider the downside of bankruptcy before you head on, including the fact that it will remain on your credit report for 10 years. In the future now, when requesting for loans, you will be considered as a unsafe candidate due to your past debts, and will probably find it difficult to obtain a loan or even a credit card. In the event you should obtain one or both, you will no doubt be penalized with high interest rates and fees you will be asked for.
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Now that you have noted all the negative aspects of bankruptcy you can look ahead to the positive ones. Who wants another credit when it can get you bankrupt? So avoiding these may be the best solution for you.
Try and pick yourself up from this hard blow and start setting a few basic rules in your life. Begin by living a simpler lifestyle and avoid thinking too big. You may have opted to repay your debts for a number of years to come, thus allowing you to keep possession of your properties and assets, having filed under Chapter 13. This means you are still in debt to your creditors and you will no longer be able to lead the same lifestyle you did before filing for bankruptcy. Every month the court-appointed trustee will allot you a certain amount of money to live on, while the rest will be divided among your creditors. So, you will have to stick to the essential.
You will have to re-organise your expenses, such as groceries and household management costs. You may even have to change living quarters if you do not own a property. Find a less expensive apartment or neighbourhood; in general, change your habits to more economical ones. You can forget any credit for a while, and you will not be allowed one unless the court gives its permission.
The best way to overcome these times is to get organised. Prepare a monthly budget and stick to it. Keep your expenses in check. It is not that difficult. Observe your payments over a period of three months, and then plan your budget limits. The best way to proceed is to ask for counselling. An attorney specialized in bankruptcy or a financial analyst can really help you get organized and plan a reasonable and appropriate budget to help you get over these hard times.
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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