How Bankruptcy Got My Life Back Together

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Most often, you hear about people losing all of their assets and having to file bankruptcy. It sounds like a pretty grim fate, having to forfeit any nonexempt properties, and one that doesn’t leave you many options moving forward. This is why a lot of people are terrified of declaring bankruptcy. They fear that once they do it they will be stuck in a financial rut for the rest of their lives. I was the same way, I was terrified that after a bankruptcy there was no way I’d ever have good credit. Ironically, filing for bankruptcy was the thing that finally allowed me to get my debt under control and build up my credit.

How I Did It

Made a Budget

The first thing I did after filing for bankruptcy was make a budget. If you have a regular income, I suggest you doing the same thing. Calculate all your expenses for the month; food, transportation, rent or mortgage, clothes, etc. List out all of your expenses and then prioritize. Obviously you cannot lower a lot of your bills, but you can eat out less, not go shopping for clothes as often, turn off the lights when you leave the house, and so forth. Having a budget will give you a good idea of where your money is going each month and, if you stick to it, can help you pay off debt and set money aside to save.

Making Payments on Time

A large portion of your credit, about ⅓, is based on your payment history. It is always important to make your payments on time, but especially after filing for bankruptcy. Since you cannot apply for new credit right away, this is the only way to build up your credit for a while. However, on the flip side, since payment history makes up a large portion of your credit score, it is possible to start rebuilding your credit pretty quickly and steadily just by making your monthly payments.

Save

Did you know 34% of Americans have nothing in their savings, and 35% have less than $1,000. I know putting aside money and not touching it can be hard, but it will pay off later down the road. Having a good savings ensures that when unforeseen situations arise, such as medical expenses or car repairs, you can pay upfront and not have to put anything on credit. That’s not to say you should never put anything on credit again, but you won’t be able to for a while, and even once you can, you should try to avoid putting big ticket items on credit for a while.

BLC Law Center

The real key to my success, post-bankruptcy, is BLC Law Center. They helped me from the very beginning and without them, I wouldn’t have even filed in the first place. I’d still be stuck in debt if I hadn’t found them. They were the ones who set me up for success by reorganizing my finances and working with the creditors that I owe. Now, I am able to make monthly payments and I don’t have to deal with their annoying calls.

In my opinion, BLC has the best bankruptcy attorney San Diego ever had. And with offices in San Diego, Los Angeles, and Vista, they can help you wherever you are. So, if you are ready to get control over your finances again, and finally get out of debt, it is time to try the BLC Law Center. For more info, visit https://www.blclawcenter.com