Bankruptcy Attorney For Waco, Texas
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Waco Office:
600 Austin Ave, Suite 23 Waco, TX 76701
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Central Texas:254-304-7161

Starting Over After Bankruptcy

Thanks to popular belief, you may assume that filing for bankruptcy destroys your credit forever and that you’ll never be able to buy a car or house again. However, this is far from the truth. Unfortunately, your credit will take a hit when you file for any type of bankruptcy. That said, you can rebuild it with a solid financial strategy. Here’s what to do. 

Make a Budget You Can Adhere To 

Creating a budget might seem cliche, but it’s truly the key to good financial health. It’s critical to have an eye on what you earn versus what you spend and how you can control unnecessary spending that is out of budget. Take the time to create a personalized budget and adhere to it to the best of your ability.

Pay All Bills In a Timely Fashion 

Once you’ve filed for bankruptcy, you need to make sure that your payments are made in a timely fashion. If you filed a Chapter 13 bankruptcy, you’ll owe a payment every month to your bankruptcy trustee, which cannot be late. You should also avoid making late payments to any creditor that reports to Equifax, Transunion, or Experian.

Apply for a Credit Card 

It may seem counterintuitive to take out a new credit card after you’ve just filed for bankruptcy. However, to rebuild your credit score, you’re probably going to need some form of credit. If you leave your credit alone, you’ll eventually not have any, which can be just as difficult as having poor credit. Consider taking out a secured credit card and make sure that the card reports timely payments to the main credit bureaus.

Generally, your card should have a balance of about 30% of your total available credit at all times. If you pay down your credit card to $0 every month, this could work against you. Credit bureaus give consumers who use some credit responsibly but don’t max out their cards with a higher score. 

Struggling with Debt? Get Assistance from a Bankruptcy Attorney Now 

If you’re struggling with debt and are getting sent bills upon bills that you’re not able to pay, it’s easy to get overwhelmed and feel hopeless. Sims Bankruptcy Law, PLLC can help. We’ll sit down with you to look at the big picture of your finances and identify ways to alleviate financial stress. We’ll discuss your legal options and if filing for bankruptcy is the best choice for you, we’ll guide you through the process. Call today at 469-751-7467 for a consultation. 


By : First Page Attorney | September 30, 2020 | Bankruptcy