When all is said and done, no one wants to have to file for bankruptcy, but the unfortunate reality is that for some people, it is something that they have to face. With all of that being said, that does not mean that it is the end of the world. A person may actually manage to find financial stability after bankruptcy, so long as they do the right steps and approach the whole process responsibly.
Tips to getting yourself back to financial stability after you file bankruptcy
Filing bankruptcy does not necessarily mean that you are going to be free from the stresses of every debt that you have eliminated through the bankruptcy. Despite these efforts, it is still possible that you may be contacted by debt collectors. In order to avoid being harassed by them, you should gather complete documentation of every debt which you have discharged through your bankruptcy filing. This way, they will no longer be able to call you once they have that relevant information without that also constituting an act of harassment. In the event that they do not cease calling you, despite having provided the relevant documentation, you may be able to pursue legal action to force them to stop contacting you. You can also cross-reference these discharge documentations with your credit statements just in case any of the credit agencies wind up failing to acknowledge that your debts were discharged. Leaving this alone could cause a lot of trouble for you in the long run and create a risk that your financial stability could be staggered. If you do notice that something is wrong with your credit report, get in contact with them immediately, so that you can fix this problem before it becomes a worse one.
Now that you have these steps out of the way, the next step is to adjust your budget so that you can get back to where you were before filing bankruptcy. Mind you, this does not mean that you have to go on a diet of bread and water and not be able to experience any pleasures in life, it just means that you need to live within your means. For example, if you were living a rather lavish lifestyle beforehand, your best bet is to try to tone that down by determining what you can even afford. Figure out what you earn from week to week, account for all of your expenses, and if you find that your expenses are too high a percentage of the money you bring in, consider paring down your expenses as much as you are able. If you are spending a lot on eating out, consider spending more time shopping for ingredients so that you may spend less money in the long run. Not only can you get more food, but you can eat healthier as well.
Once you have discharged the relevant debts, that does not mean that you are entirely done with your debts. For example, if you are obligated to pay child support, student loans, alimony, or other forms of debt, these debts will not be discharged. As such, you should make sure to keep up with these, and make sure that you account for these debt payments in your monthly budget. You do not want to have to deal with not being able to pay for necessary expenses, but it is also important that you keep up with the obligations you hold, especially with how much it can come back to bite you in the butt if you do not take care of it properly. You may also wind up having to deal with liens on your house or vehicle if they exist, and in the end, you need to make sure that you keep up with payments on these. If you do not have a desire to keep these things, you can just have them returned to the person or persons who holds the lien on them. If you want to keep these properties, and you fail to keep up on your payments, you may run the risk of losing out on both of them, which would certainly make this whole ‘financial stability’ thing a lot more difficult to achieve.
The next best thing to get yourself back to financial stability is to find new avenues of earning money. It does not need to be backbreaking, though to be fair, in unluckier scenarios, it very well may be. For example, if you are looking to fast track your way to stability, taking on extra work, or perhaps selling some possessions you can afford to live without, these could be a great way to deal with stuff, just make sure that you do not go crazy with it.
While this bankruptcy situation affects you the most of all, it is important to remember that it is not something you have to go at alone. Even disregarding your family and friends who may provide support where they can, the best thing you can do — both before and after you file bankruptcy — is to get an affordable bankruptcy lawyer. One of the best parts of having an affordable bankruptcy lawyer on your side is that they will be able to find the best ways to get you the most out of your bankruptcy filing. Not that they will be able to make it have absolutely zero ramifications usually; after all, bankruptcy filings are usually a fairly dour situation. But it will certainly be a much better help for you than if you went into this alone. A bankruptcy attorney help you understand how the whole process works (thereby ensuring that you are kept up to speed through all of it). The last thing you want to be doing during a bankruptcy trial is having no idea what is going on, as that will inevitably come back to bite you square in the butt.
Of course, one must understand that an affordable bankruptcy lawyer can often carry the risk of the lawyer also not being a quality choice. Granted, this is a very real risk, but affordable and cheap are not mutually inclusive. Not everyone doing a bankruptcy filing is going to be able to afford the best of the best, so inevitably, lawyers who are needed by these kinds of people, such as those at Adam Law Group, are valuable. If you are interested in procuring the services of an affordable bankruptcy lawyer, you can get a hold of the lawyers from Adam Law Group to get started with a consultation.