Fixing Your Finances After Filing For Bankruptcy

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financing options after bankruptcy

Some people think that after you file for bankruptcy that they won't be able to qualify for any sort of credit for many years. Is this true? Would it be possible to purchase a car with an auto loan or get a mortgage for a house? I put together this blog to provide others with the information that I have worked hard to find. As I started the bankruptcy process, I was very worried about what it meant for my financial future. Fortunately, I have recovered and have learned a lot along the way. Hopefully, this information will prove helpful for you.

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Fixing Your Finances After Filing For Bankruptcy

21 May 2019
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In order to fix your financial life, sometimes going bankruptcy is part of the process. If there comes a time that you need to go through bankruptcy to save your finances, you should give it some thought and then reach out to professionals that can look out for you. Bankruptcy lawyers and advisors can help you apply and give you the guidance to push your application through. Use these steps so that you get assistance with bankruptcy. 

Get a free copy of your credit score and begin researching the different ways you can file for bankruptcy

The first step for going through bankruptcy is to find your credit score. Thankfully, getting a copy of your credit report is free as long as you get one each year. By getting this paperwork and talking to a bankruptcy lawyer, you can begin the application process to see if it suits you. It's not a good option for everybody, but bankruptcy has been known to help people save their credit by stopping the bleeding and giving them some space to build it back up again. 

However, be aware that this is a long process because bankruptcy usually lasts between 7 and 10 years. Be sure that you research every part of what it takes to apply so that you don't find yourself caught off guard. 

Calling up some lawyers will help you get a helping hand with your bankruptcy application. This should be the first step that you take since the lawyers will help you go through the rest of your bankruptcy filing. 

Watch your finances so that you can improve your credit and grow your savings while you go through bankruptcy

If you have to file for bankruptcy, don't do it without a plan to get to the other side. Your lawyer and accountant can help you formulate a clear plan to go from the initial filing to undergoing the 7-year period and improving your current credit score. During this time, you need to grow your savings as well so that you have a contingency plan to bounce back. 

Credit scores are important, so take all the time that you need to build yours back. It will initially take some serious damage since bankruptcies are red flags whenever you are looking to get lending for any reason. 

Use these steps so that you can get the help that you need with your bankruptcy filing. Reach out to a law firm such as Phoenix Law for more information.