Once you have received your bankruptcy discharge you will no doubt be more than relieved. However, what’s next? Now that this huge financial burden has been lifted from your shoulders, how should you go about spending money responsibly in the future? In order to rebuild your credit and ensure your financial stability in the future you may want to consider the following tips:
Check Your Credit Report
Taking a glance at your credit report a few months after receiving your bankruptcy discharge is a good idea. Every charge that was dismissed with your bankruptcy should be marked as so. If not, you should send a copy of your discharge papers to the credit reporting agency so that they can correct this mistake.
Begin Rebuilding Your Credit
In order to begin rebuilding your credit you will need to get a credit card. Now before you begin sweating just at the thought of having a credit card again, you should know we are not just talking about just any credit card. You need to get a secure credit card, which is basically a regular pre-paid credit card but that is based off the amount of money you have in your bank account at any given time.
Update Your Will
As you should do any time your financial situation changes, we suggest revising your will or having your attorney draw one up should you not already have one.
Set Up A Savings Plan
If there was one thing you learned from your bankruptcy it’s probably that you should be saving money every chance you have. This also includes contributing some of your income into a retirement plan so that you never have to worry about getting into debt again.