How to Move Forward After Bankruptcy

Going through a bankruptcy —– from decision to discharge— can be a long and stressful ordeal. Eventually, though, you get the breathing room you so desperately need. And after Chapter 7 or Chapter 13 comes the next chapter: putting your life and your credit back together.

How can you do that? A bankruptcy stays on your credit report forever, and you’ll never be able to get a mortgage or another credit card, right?

Wrong.

A Chapter 7 bankruptcy stays on your credit report for 10 years; a Chapter 13 for 7. Maybe restoring your credit won’t be easy, and maybe it won’t be instant, but you can put your life and your credit back together after bankruptcy. We can help you figure out what strategies will work best for you. We have offices in Tigard, Salem, Albany, Grants Pass, Klamath Falls, Bend, and several other cities in Oregon. We also have offices in Vancouver and Tri-Cities in Washington. How quickly you recover from bankruptcy depends a lot on you and what you do after discharge. We can help you develop a sound approach to your fiscal recovery.

In the meantime, here’s a few tips to help you get started down the road to emotional and financial recovery.

Let it Go. Put it Behind You and Move on.

If you’ve recently gone through a bankruptcy, you might be feeling like a failure. You might feel like you are all alone or are some kind of financial outcast. Think again. According to the United States Courts, bankruptcy filings were down in 2017 but they still totaled a whopping 794,492.  You are definitely not alone. But you are the only one that you must forgive.

In order to rebuild your life and move forward, you need to be able to come to grips with the past. You need to take a look at what happened and why, so you can prevent it from happening again, if at all possible. You should look at the past, but you don’t have to live there. Think about what happened and how you can make sure things will be different from now on. Then forgive yourself, and move on. Make a plan to live a better, more responsible fiscal life, and start living that life!

Pay Your Bills on Time. Consider Getting a Secured Credit Card.

One of the best ways to get your financial life back on track is to make a plan and be diligent about paying your nondischargeable debts (taxes, child support, alimony etc.) on time. You can also consider getting a secured credit card. Unlike other credit cards, with a secured credit card, you deposit small amounts of money in your bank account and that becomes your credit line. However, not everyone qualifies for a secured credit card and they often come with high fees.

 Talk to a Lawyer!

Don’t know where to start? If you need help making a plan to rebuild your life after bankruptcy, or if you are considering filing bankruptcy, contact us. We can give you the help and guidance you need.