7 Things to Do After Greensboro Bankruptcy

7 Things to Do After Greensboro Bankruptcy

Submitted by Rachel R on Mon, 07/16/2018 - 10:06am

7 Things to Do After Greensboro Bankruptcy

What's next after Greensboro bankruptcy?

Image by Dan Gold via Unsplash

The day you get your bankruptcy discharge is one for celebration. It’s a break-out-the-champagne, dance-in-the-streets moment. With your Greensboro bankruptcy discharge achieved, you’ve wiped out debt, bill collectors aren’t dogging your steps, and you’ve got room to breathe. So, now what? Check out these seven post-discharge steps to make the most of your fresh financial start.

1 – Enjoy a moment of peace

Before you filed bankruptcy and got your discharge, you probably had bill collectors hounding you, were living paycheck-to-paycheck, and were stressing out constantly. The first thing to do is appreciate that a bankruptcy discharge represents peace of mind. Enjoy it, but don’t get lulled into a sense of complacency or you might wind up back in money trouble.

2 – Identify the cause of your money woes

Getting out of debt is a monumental accomplishment. Now it’s time to ask yourself how you got there. That calls for a bit of introspection. You might not want to think about your debt woes ever again, but you must. Sometimes it’s lack of planning, lack of an emergency fund, or long-term unemployment. Whatever caused the financial stress, identify it so you can avoid it.

3 – Make a roadmap for the future

With the clean slate achieved from your Greensboro bankruptcy discharge, you can decide where you want to go from there. It’s a cliché, but apt: “Failing to plan is planning to fail.” You don’t want to fail financially and wreck your fresh start. Set goals and determine the best path to achieving them, so you have the financial security you need and deserve.

4 – Start a rainy-day fund

Unforeseen expenses are one of the most common causes of financial distress. It might be a car repair, a fridge that quits cooling, or a steep deductible for medical expenses that pushed your finances to the brink. Establishing an emergency fund can prevent a future cash apocalypse. After bankruptcy, you have no credit cards, so rainy-day savings is your primary shield.

5 – Save for retirement

An emergency fund is critical, but not the only savings you must have. You should be squirreling money away every paycheck into your 401(k). If your employer offers a match, you should max it because that’s “free” money towards your golden years. Putting funds into your 401(k) also lowers your taxable income so you won’t feel the pinch of saving quite as much.

6 – Live below your means

It’s solid financial advice to live within your means. Even better is living below your means. That leaves you a much larger buffer to save for the future and assure you never get back into a cash crisis that pushes you into Greensboro bankruptcy. Most people never file a second bankruptcy. Once is enough and they get a clean slate they leverage for a better future.

7 – Get to work on your credit score

It’s a myth that filing bankruptcy ruins your credit for a decade. Once you started paying bills late and maxing out credit cards, your credit score already dropped precariously. When you choose Greensboro bankruptcy, you stop the FICO free fall. From there, with a discharge in hand, you can begin rebuilding your credit score within just a few months.

In fact, Federal Reserve research shows that consumer credit scores rise faster among those who choose bankruptcy rather than continuing to wallow in debt. Choosing Greensboro bankruptcy and getting your discharge puts you on the road to recovery for your finances, credit score, and your future.

To find out more about the benefits of Greensboro bankruptcy, contact the Law Offices of John T. Orcutt. Call +1-919-646-2654, read reviews from satisfied clients, then see us at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.

 

Resource:

Credit after bankruptcy

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