All too often, individuals in California and other U.S. states reach a point where they can no longer pay off their debts. After facing the difficulty of not being able to pay minimum monthly payments on credit cards or car loans, many people decide to file bankruptcy.
If you’ve filed bankruptcy, there are several steps you can take to regain control over your finances. Even though it may take time to recover, the good news is that there is life after bankruptcy. By maintaining your job, continuing to pay bills on time, staying focused on rebuilding your credit, and maintaining positive balances on credit cards, your road to recovery after filing for bankruptcy can be successful.
The first step to life after bankruptcy involves finding and keeping a job as quickly as possible. Then, finding a good place to live is an important next step. Stable employment and residential histories are essential since they demonstrate trustworthiness to creditors.
Since a growing number of landlords screen tenants by obtaining credit reports, you may face difficulties when renting an apartment or home on your own. If this is the case, consider renting a room from family or friends. If a potential employer requests your credit history prior to employment, do what you can to find a job that can put you back on your feet.
After bankruptcy, building up what was torn down is equally important. To rebuild your credit, consider applying for a credit card. As long as you use the card responsibly, lenders will feel more confident that you can manage your money wisely.
Remember, many people face the need to file for bankruptcy after facing hardships. If you find yourself in this situation, consider consulting with a bankruptcy attorney who could advise you about how to recover as quickly as possible.