Getting Advice From Arlington Bankruptcy Attorneys About Life After Bankruptcy

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Filing bankruptcy seems to be the end for a lot of people emotionally speaking. They feel like they have tried everything possible to avoid filing for relief from debtors under the plan of a Chapter 13 bankruptcy. However, many Arlington bankruptcy attorneys are quick to tell clients that the bankruptcy does not have to be end of their financial success. It is merely a part of their journey. Learning how to overcome bankruptcy and start fresh will actually help a great number of people.


Start with the Basics


Obviously, the first place to start is with a current list of debts and income. You should sit down and go over every expense you have. The forms provided to you by your Arlington bankruptcy attorneys will actually come in handy. These forms have various types of income and expenses listed in logical groups such as groceries, automobile expense, clothing and other similar categories. Decide how much you can reasonably spend for each category. Then, keep tabs on your expenditures for the next three months. Compare your actual expenses to your original estimates. ...
... Make notes about what estimates were correct and which ones need adjusting.


On Time Every Time


The most important thing to remember while you are going through bankruptcy is to pay every bill on time every time. This literally means everything; utilities, insurance payments, rent, your bankruptcy plan and any other type of payment you may have. Getting in the habit of meeting obligations each and every month, without fail, will help you re-establish strong financial habits.


Rebuild with ONE Credit Card


One of the biggest factors that lenders will look for after someone has filed bankruptcy is to see if the person has learned from their mistakes. A simple way to accomplish this is to get a secured credit card. Many banks and credit unions offer secured credit cards to help people re-establish their credit history. Arlington bankruptcy attorneys can usually recommend a bank or credit union that offers this service. The key is to only charge a small amount each month and pay it off in full every month so that you show a strong track record of paying on time.


Ignore Myths


One of the most important things you can do as you recover from bankruptcy is to ignore some of the common myths about financial problems. For example

It does not take 10 years after filing bankruptcy to qualify for a mortgage. In many cases it may only take one to three years
You will not have to settle for a car loan at double digit interest rates and be forced to pay down a 30% down payment. By managing your bills on time and getting the one credit card as mentioned above, your scores should qualify for a manageable rate.
Getting a decent credit score will not take 10 years or more. Pay everything on time, use your one credit card wisely, and pay your rent on time. Your scores will steadily climb over time.

Larry Chandler is a freelance writer for Ebert Law Offices an office representing some of the best Arlington bankruptcy attorneys. Check their site to learn more about how bankruptcy lawyer Fort Worth can help you in your situation at Ftworthbankruptcy.com.