Bankruptcy does not mean that the curtain has closed on your financial future. A reboot may be around the corner.
Proactive steps and sound decisions can provide your financial picture the new beginning it needs.
Track the freshness of your credit score
While you may wince at a credit rating resembling cumulative negative movie reviews posted online, facing reality is both important and helpful. Free resources exist to track that all-important number. Monitoring is an important step that could provide a "fresh," instead of "rotten" credit score.
Checking and savings accounts, part 2
As you storyboard your credit sequel, opening new bank accounts will help you develop good habits while showing financial stability. One of those habits involves setting up automatic online bill pay through those accounts and ensure timely payments.
Out-of-control, unsecured credit card bills are often the villains that lead to bankruptcy. However, a secured card with a reasonable rate and annual fee can put you on the fast track towards a second act where you can reestablish your credit.
Earn those glowing reviews
Once the fade-in is complete and you have those new accounts, you need to prove to your creditors that riskiness is in on the cutting-room floor. Timely installments and paying balances in full can keep you on their "A-lists."
Far too many myths and misconceptions exist about bankruptcy and its after-effects. You need to make decisions based on the facts. Your best resource is an experienced and knowledgeable bankruptcy attorney.
Source: The Huffington Post, How Bankruptcy -- Fast, Curtis Arnold, December 14, 2014