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04-10-2011

Here are two logical ways to get off on the right foot to your fresh start after filing bankruptcy.


1) Pay Your Bills on Time
It makes sense to show your creditors you are credit worthy and there is no better way than by paying your bills on time. If you have retained possession of your car you'll serve yourself well by continuing to make your car payments on time.bills on time and in full. You can also apply for a new credit card, use it sparingly and pay it off every month on time. It's critical to your future credit rating to just continue paying everything on time.


2) Build Up Your Savings
Now that you have wiped out all your unsecured debt it's important to start saving money. Open a  savings account if you don’t already have one and begin to build up a cash reserve. Having cash put aside for future emergencies and unforeseen expenses is important so you don't fall behind again. Try and  put aside 10 to 15 percent of your paycheck for savings for unexpected purchases like car or home repairs. While that may seem like a lot many lenders require individuals who have filed for bankruptcy to put a down payment of between 20 and 30 percent in order to secure a loan. Try eating out less and looking for inexpensive entertainment. Become a coupon shopper if you are not already and wait until things you need are on sale. As a general rule you should try and save up at least 3 months living expenses.  


If you are seriously considering bankruptcy you should speak to a bankruptcy attorney early in your struggle. Contact a bankruptcy attorney that focuses exclusively on debt relief and might even be able to help you avoid bankruptcy if filing is not in your best interest. A good bankruptcy attorney who knows bankruptcy State Exemptions and federal bankruptcy laws. Let's face it,  not all bankruptcy attorneys are the same and many are not up to date on state exemptions. While the bankruptcy process might seem complicated a bankruptcy attorney will be able to help you understand your options with Chapter 7 or Chapter 13 bankruptcy. You get one chance to properly file bankruptcy.

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