Filing for bankruptcy is a difficult decision to make – especially considering the consequences of committing such an act. Filing for bankruptcy affects your finances, and affects your credit as well – an outcome that can come to haunt you in the future, especially if you wish to apply for loans. Rebuilding your credit score, your finances, and recuperating from such a decision is going to be a hard one – but it isn’t an impossible task.
The first step is to review your credit report – and know where you stand with your credit score and what you must do to achieve the credit you want. Make sure you get a copy of your report from major credit reporting institutions – and make sure the information is verified and accurate – make sure that all your personal information has been correctly updated; and that the credit report is your own credit report.
The next step is to create a realistic budget – now is the time to become realistic, and cautious, about your finances. Your budget is how you plan to spend your money – and how you’ll manage your cash flow. This will help you structure your finances, and will make sure you don’t end up borrowing money, or spending money you don’t have – and thus, forming a budget and sticking to it will help you avoid getting into debts. Budgeting helps in other ways as well; including helping you prioritize your spending and saving.
Once you’ve formed an appropriate budget, the subsequent thing to do is to pay all your existing bills as soon as you can. Make sure you set reminders for all existing bills – these payments are tracked, and do affect your credit score. Paying bills on time, therefore, has a major positive effect on your credit score, and can help you recover your credit score.
One important thing to do is to get a credit card – which is an important step to rebuild your credit score. By charging minimal amounts to your card every month, and by repaying your debts on time, you’ll slowly be able to rebuild your credit score.
One final piece of advice is to open a new savings and a new checking account – simply choose a local bank, based on reviews, comparing interest rates and services offered.
J. Bottom and Associates, Ltd. is one institution that is willing to provide their services to help you get through the strenuous process of filing for a bankruptcy; and then financially recuperating from such a decision. By providing services to a wide client base, and by having a team of experienced professionals that are well-equipped to handle any situation, you can be assured that despite your financial crisis, you’ll be able to fully recover, and be able to mend your credit score as quickly as possible. It is useful to pursue their services because apart from making sure you recover financially, the experienced professionals will make sure that the damage is minimalized as well. By providing free consultations to those who approach the company, a large client base is established – and absolute customer satisfaction is guaranteed.