Posted on: 2 June 2018
If you've filed for bankruptcy and received your discharge paperwork, it doesn't mean you can live the high life now. It means you need to live more carefully than before, and a little more responsibly. After you've received your discharge it's time to put in some work with your finances and build up your credit. Read on for some tips on what to do after you've received a bankruptcy discharge.
Keep An Eye Out For Incoming Bills
You may still receive bills from your creditors that you've included in your bankruptcy. This may be a mistake on the creditors part, or it may not have been included after all. Send a copy of the bill to your bankruptcy attorney to handle the matter for you, and keep an eye out for other creditors that continue trying to get money for the debt even after you've filed and included it in your bankruptcy.
Watch Your Spending
You may have some extra money now that you have cleared away some of your debts. Watch your spending habits and try to remain on a budget as much as possible. Ask yourself if you're spending just to spend or if you're spending out of necessity. Don't start going out to eat all the time and grabbing coffee on the go every single day when you can eat at home or make your own coffee at home.
Save Your Money
If you're spending less you should be saving more. Open a savings account and start putting at least 10% of your paycheck into the savings account. Leave it in the account and don't touch it unless it's an emergency. Emergencies could include getting hurt or sick and being unable work, incurring an unexpected debt, or some other type of emergency. An emergency does not mean buying a new shirt or the newest tech gadget.
Build Your Credit
Build up your credit by opening up a credit card and making small purchases on it. Pay off the purchase immediately in cash and repeat this each month. Those small purchases, and keeping the balance on your credit card paid off, will help build up your credit. The card may have a high interest rate on it, so don't spend too much and end up with the addition of an interest charge as well.
If you've filed for bankruptcy and received a discharge, your work isn't over yet. The discharge is just the beginning of your new financial life. For more information, visit sites like http://www.haven-law.com/.Share