Life after Bankruptcy

Some people dread facing life after bankruptcy. Due to common misconceptions about the effects bankruptcy can have on one’s credit, reputation and life in general, some debtors may wish to avoid bankruptcy at all costs. However, bankruptcy can actually provide a debtor with a fresh start and can enable him or her to face a better and brighter future. Many of our clients experience a profound sense of relief after they file for bankruptcy. Bankruptcy can literally turn a debtor’s life around – stopping foreclosure, ending creditor harassment and eliminating debt.

Kane County bankruptcy attorney Joseph Doyle offers a free initial consultation to discuss your particular financial situation with you. He is more than happy to help you understand the particular consequences of filing a Chapter 7 or Chapter 13 case, as well as how to rebuild after bankruptcy.

Rebuilding Credit and Regaining Control of Your Finances

There are specific actions that can be helpful after filing for bankruptcy, including budgeting, saving and rebuilding credit. All three often go hand in hand, as creating a budget will include planning to save money and pay off credit as quickly as possible.

• Sitting down and listing out all income and living expenses is the first step in creating a budget. In reviewing bank statements and your spending profile, you may find that there are areas where you can save money and therefore put more into your savings account. You can weed out unnecessary expenses in order to help ensure you have enough money to live on and still do the things you want to do.
• By opening a savings account and putting money away on a regular basis, you can work to ensure you have the funds you need to live on in the event of an emergency or job loss in the future.
• You will receive credit card offers after your bankruptcy case concludes, and it is important to rebuild your credit carefully. Only spend the money that you have, and pay off all debt as quickly as you can. You may find that you will be able to buy a car or even a house earlier than you thought possible.

Bankruptcy Lawyer Serving Kane County, Illinois

Contact us today to talk to an experienced lawyer about life after bankruptcy and what you can do to rebuild your credit.