How A Bankruptcy Can Change Your Life

So you have filed bankruptcy. This financial setback can be an emotionally trying time, and you might have a good deal of anxiety about how you will be able to get back on your feet. It can certainly take time and consistent effort to regain the goodwill you had with the lenders and vendors you deal with. It is not going to be easy to recover all that you lost, but it is not impossible. You can rebuild your finances and your life, if you develop a plan of attack and decide not to let history repeat itself.

If you feel unsure about where to begin with the reconstruction of your life, you can approach your bankruptcy lawyers in Chicago for guidance. Many reputed law firms make sure they counsel those who have filed for bankruptcy to ensure they do not repeat their mistakes. Apart from that, there are a few things you need to keep tabs on:

1. Avoid applying for credit cards or loans for as long as you can. Stop using your current credit card too, or at least avoid them as much as possible. If you are using a credit card, make sure your payments are up to date.
2. Pay all your bills on time. This is the best way to show your creditors that you are credit worthy. This is crucial to reviving your credit rating.
3. There is no harm in asking for financial planning assistance from a professional financial planner, or the Chicago bankruptcy lawyer who may have already helped you with filing your bankruptcy
4. Plan your expenditures. Record your expenses and income on a daily basis to track your finances. The records will help you to easily spot areas where you can curtail your expenses.
5. Try to find an additional source of income so that you can make your repayments sooner and also begin saving, rather than borrowing.

Filing for bankruptcy can be one of the most challenging experiences in one’s life. It is not just the mental stress and financial problems that have to be dealt with, but there you may also feel a certain social stigma. Although bankruptcy will be removed from your credit rating in 7 years, banks will continue to look at your loan request doubtfully for a much longer time. Make sure you do not give them additional reasons to be skeptical.

If you’re on the lookout for financial advice in Chicago, Illinois, take action and get in touch with the offices of Chang and Carlin, LLP, and follow their strategy to get your life back on track! Contact us today for a FREE Legal Consultation.