Life After Bankruptcy

Life after Bankruptcy: What to Expect with a Fresh Start
Many people think that filing for bankruptcy in Massachusetts will be traumatizing. Instead, it is liberating. Creditors and collection agencies stop calling, you’ll be able to sleep instead of tossing and turning and you’ll begin to enjoy your life again. Getting back on the road to financial freedom is one of the most positive things you can do for yourself, your family and your future. 

Unless you are keeping an auto loan and a home, all of your other debt should be discharged. As long as you don’t go back to your old ways of charging money on credit cards, you can easily get your financial future back on track. So, what should you do to re-establish your credit? Here are some suggestions: 

PAY YOUR BILLS ON TIME
Pay all of your bills (electric, telephone, auto, etc.) on time. These payments get reported to the credit bureaus and will help you increase your credit score. 

GET A COPY OF YOUR CREDIT REPORT
Get a copy of your credit report 60 days after receiving your discharge and check to see what’s reported. You should see some of the credit cards stating the bankruptcy was filed in the notes section. See if the credit report states that you received your discharge. If not, mail a copy to each of the credit bureaus and have it noted in your report. 

TAKE OUT A SECURED LOAN
Get a secured loan and make timely payments for one year. Go to a credit union, open up a passbook saving account with $500 and ask the credit union to give you a $500 loan.  Use the passbook savings account as security and pay the loan over the one year period. Each payment will be reported to the credit bureau, which will improve your credit. 

OPEN A SAVINGS ACCOUNT
Start a savings account and commit to saving at least three months of living expenses in it. 

TRACK YOUR SPENDING
Track every dime that leaves your pocket for four weeks. Keep a journal of all expenses. Yes, even coffee. Track everything that you spend in cash or use with debit card(s). If you’ve never tracked these expenses, you will be surprised how much money you spend on certain items. 

HIRE A CREDIT REPAIR COMPANY
You might also want to think about using the services of a credit repair company after your bankruptcy has been filed. They can often put you on the fast track toward better credit. And, if you follow the few steps above as well, you’ll rebound from your bankruptcy as quickly as possible. 

DO SOMETHING TO IMPROVE YOUR CREDIT
Remember, it’s up to you to transform and secure your financial future. You can’t just sit back and wait for it to happen on its own. There is life after bankruptcy, but it’s only what you make of it. You’ve been given a second chance—don’t let this opportunity pass you by.

Helping You Get to Life after Bankruptcy: Worcester Bankruptcy Attorney, John “Jack” P. Morrison
There are thousands of people just like you who have been in debt, have found a way out and are on the path to financial freedom. As a Worcester bankruptcy attorney, I have helped hundreds of clients get relief from their serious debt. 

If you want additional information or are thinking about filing for bankruptcy in Massachusetts, contact our Worcester Bankruptcy office today or call us at (508) 852-7800 and ask for a FREE Life After Bankruptcy consultation.