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Steps to take after bankruptcy

If you’ve recently filed for bankruptcy in Monmouth County, you may be wondering what steps to take next. Getting your finances back on track can take some time, but it is possible provided you have the right information, such as tips on how to create a viable budget. U.S. News & World Report offers the following advice in this case.

Review Your Financial History

What led you to file for bankruptcy in the first place? For some people the decision may have come about due to job loss or a health issue. In other cases, poor financial management may be at fault. No matter what, making smart decisions about your finances can prevent future issues from occurring. Taking an honest assessment of your finances is a first step towards rebuilding your credit.

Build a Credit Strategy

First and foremost, take some time to think before agreeing to anything. While applying for a new line of credit or loan may be necessary, you want to make sure the terms are the best they can be to prevent yourself from financial instability. You might also consider getting a secured credit card. Secured cards require a deposit, which can bring down interest payments a bit. That way you can rebuild your credit without incurring huge interest payments.

Look at Your Credit Report

Reviewing your credit report is good for two reasons. If you’re considering taking out a loan, your credit report will give an indication of where you stand. Poor credit scores could result in a denied loan or increased interest rates, which makes repayment a challenge. Your credit report may also contain inaccuracies, which need to be addressed immediately.

 

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