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  • Tips on Repairing Your Credit after Bankruptcy (Part 1)

    Borrowers looking to repair their credit after bankruptcy should create a strict monthly budget and focus on paying down their remaining debt.

    Borrowers looking to repair their credit after bankruptcy should create a strict monthly budget and focus on paying down their remaining debt.

    Filing for bankruptcy is a sound financial solution for those who are buried in debt and who are in need of a financial fresh start. While borrowers who want to get their bankruptcy case approved by the courts will have to do some work to prepare their bankruptcy estate, once their case has been processed, they will still need to be diligent about working on their finances in order to slowly rebuild their credit and to get back into a favorable financial standing.

    The following are some tips on what borrowers can do after bankruptcy to rebuild their credit:

    • Create a monthly budget and stick to it – One of the first things that borrowers should after bankruptcy is to figure out how much they pay per month on necessities (like housing, electricity and food) versus how much income they have. Once these numbers have been crunched, borrowers will know how much additional income they have. While it may be enticing to spend such income on luxury or non-essential items, it’s important that borrowers use this money wisely by, for example, building up their savings accounts.

      Additionally, it’s important to note that, once borrowers have a set budget in place, they should do their best to stick to this budget. Although there may be items that borrowers desperately want to purchase, they should refrain from doing so if they cannot do so in cash, outright to avoid sliding back into a pit of debt.

    • Focus on paying down existing debt – Because bankruptcy does not discharge all of a borrower’s debt, he will still be on the hook for certain debts, such as student loan debt, child support payments or other court-ordered payments. Borrowers who still owe on such debts should focus on paying down these debts; by proving that they can make such monthly debt payments on time each month, borrowers will slowly begin to build their credit back up.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    
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