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Creating your life after you file for bankruptcy

Turning to bankruptcy to address debts that you can't pay is a huge step in your life. When you file, you likely realize that this is the best option. Eventually, it will make your financial life easier, but in the interim, you will need to make some adjustments to how you think about money.

Life after a bankruptcy will be difficult from a monetary standpoint. There are many things that you will need to do to adjust. Even though it will be difficult, you can make it through this time and can use the skills you learned to help you after the bankruptcy is done.

Your budget must be practical

You need to create a budget so that you have an accurate account of what money is coming in and where it is going. Not only is this a part of the bankruptcy education process, it is also necessary to help you ensure that you aren't overspending in the future. Make sure that you are being realistic in your budget. You must pay your bills and if you file Chapter 13, you need to make your payments to the trustee. On top of those, you will need to pay life's basic expenses like food. The budget will have to be fairly strict, but make sure you do allot some fun money so that you aren't tempted to bypass regular bills to go out with friends or do things with your family members.

You can work to rebuild your credit

Even though you can't obtain new credit without the court's permission as long as the bankruptcy is in process, you can start to work on rebuilding your credit. Make sure that you are making regular payments on any open credit accounts you might have, such as student loans. Once you are able to try to get new credit, you can move forward with a secured card that allows you to show that you are financially responsible now.

You have to be patient

The most important thing to remember is that you have to be patient as you move forward after a bankruptcy. Trying to rush will only lead to making mistakes that might be costly. Instead, focus on making the small changes that will add up over time. You can start this when you file and continue to make strides through the discharge date. Once your bankruptcy case is closed, you should be well on your way to being able to enjoy a more solid financial future.

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