You are a New Person and Entering into a New World after Bankruptcy
Something About Your Credit After bankruptcy
Either you have filed Chapter 7 or Chapter 13 personal bankruptcy, there will be a mark on your credit report, and this will make you has a very hard time to accure new credit from any financial institution. That means that it will be no more unsecure loan such as credit card or even a margin account for the stock exchange for you. Moreover, they will issue you a secure loan such as auto loan or mortgage with higher than normal interest because they think you are a risky person even they have something to secure the loan. So what should you do? You need to prepare to use cash rather than credit in a year or two.
Becareful about the Relationship with Your Families
If you are married and have kids, you may end up having a harder time than a single person who has filed bankruptcy. That is because more negative emotion will be come up for the mismanagement about person financing. Therefore, before or after you have filed bankruptcy, you should always try to calm dowm your family’s negative emotion by sharing thought or having a family meeting with them would help.
Forget about the Past and Focusing on Recovery
I hope you will notices that your past about bad debt management is gone and now you have a new life. So you should focus on how to make more money and budgeting and forget about your past failure experience. It will help you to regain your financial control faster and sooner. And by focusing on a new goal, you will has a better relationship with your family members who has negative emotion about the old bad debt.
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