How Can You Get Back on Track After Bankruptcy?

Bankruptcy can be a dark time emotionally and financially. It is important that you don’t waste time lying down when the process is over. Pick yourself up and begin recovering your finances. It is not an easy thing to do, but it can be done with correct and small steps. You can still put your life together even if things had spun out of control prior to your bankruptcy. You can always straighten things out and go on.

Stay on Top of your Monthly Payments and Bills

On one level, you may find it depressing that you have to still make those monthly payments and bills after you have been through a bankruptcy. The best advice I can give you is – don’t fall back, keep moving ahead. If you lag now, if you let your monthly payments and bills slide now, it will come back to haunt you later. It may be financially tough right now, so how can you manage to pay your monthly payments and bills without fail?

Make Budgeting a Habit

The best way to manage your limited funds is through a budget. Learn how to keep track of your expenses. There are many mobile apps that can help you out. Find out which expenses you can cut down on. Are you eating out of your home too many times? Cut down on it and start cooking at home. Is your apartment too expensive for you to afford? Can you share a house with friends or family? Put shame on the backburner for now and be practical.

The next part is to allot your income for spending. Set aside money for daily grocery, transport, payments, etc. This way you will always have money to pay the bills.

Check your Credit Report

Your credit report and score are not going to be in a good state, but you need to check it. It will detail your financial situation and any payments that are over-due. Aim to bring up your credit score to 700 and put the bankruptcy behind you. Additionally, monitor it for errors and inconstancies.

Put off any Big Spending, if possible

You may want to make a big purchase like buying a car or a house. After bankruptcy, your financial situation may not be ready for such a big expense so try and avoid it. The interest rate could be exorbitant and that could be detrimental to your finances.

Rebuild your Credit

Rebuilding credit is the most important activity once you have been discharged. Credit is a double adge sword and you have to be very careful. Getting new credit and using it wisely is very important. Before getting new credit, it is also important to have the credit report cleaned of old issues. Here, professional help would be the best way to go.

Take support from your family and friends. Getting back up after bankruptcy is no piece of cake, but it can be done through determination and will.


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