On the Road to Bankruptcy Recovery
Author: yanni raz
During these hard financial times, many of us are faced with the tough decision of having to file for bankruptcy. If you find yourself in the situation where you have filed for bankruptcy and it has now be dismissed, you are on the road to bankruptcy recovery. There are some tips you can us to help you stay on the right path, and ensure you do not let your self hit the financial bottom again.
Now that your on the road to bankruptcy recovery, free yourself from the guilt that you have been burdening on yourself through, because facing the problem and taking care of it were the first step. First off you want to have a plan, a budget. You need to have self discipline during this time, and not let yourself get into over spending or spending money that you really don’t have. If it was an unexpected incident that caused your financial downfall, have a back up plan. Make a savings account, put money away for a rainy day in case you lose your job for example. Make sure that you will be financially ok to pay bills even if you are unemployed.
Keep your payments consistent. The creditors will be watching you to make sure you are paying ALL bills on time every month. They also want to see stability in your life. They want to see that you have been at current jobs or places of residents for at least a few years while you are on the road to recovery. Opening checking and savings accounts is also a good idea. Keep the minimum amount in there at all times, creditors will be watching to see how you are spending your money. If you are able to get a credit card, using it wisely can actually help you. It will only help you though, if you use it and pay the minimum amount on time, or more then the minimum amount. Again this shows creditors that you are being consistent and on time with your payments.
You always want to consider other expenses, that only come up from time to time. Like your car breaking down, insurance payments, unexpected money being paid out. Saving money, ties into this. If you have emergency money put away, you can avoid getting yourself in another financial hole. If you think you may want to purchase a house in the future, even though it will take you a few years to be able to qualify, don’t let that stop you from preparing for the future. Putting money away will only help you and not hurt you.
Also, you want to ask yourself what would happen if you suddenly lost your job, or if you became ill. You have to consider everything into your expenses. Have separate savings for unexpected events, for your future. Do whatever you can to insure that you will never go down the road of bankruptcy again.
Most people who are recovering from bankruptcy, come to a full recovery in 3-5 years. In order to do that, you must have a ton of self-discipline and stay positive. It probably took you a lot longer to get in financial trouble than it will be to get out of it. You are on the right path, stay on it and you will be financially free from here on out.
Article Source: http://www.articlesbase.com/real-estate-articles/on-the-road-to-bankruptcy-recovery-1330421.html
About the Author
Yanni Raz is a mentor for many in the Real Estate Mortgage industry, Yanni Raz is been tutoring many homeowners in California and help some also to save their homes. http://www.homesinsale.com
Will Factory 2-U stock ever recovery from bankruptcy?
I purchased some stock in the Factory 2-U stores, and about 3 months later they filed for chapter 11. It has no signs of life. Can it recover?
How do I start my life over after divorce, bankruptcy, and being in recovery?
I’m depressed. I love my ex-husband. My financial status is completely messed up. My recovery is very shaky right now!
When filing for bankruptcy, do I list the credit recovery companies?
Or the original companies, I.E. credit card companies?
Where do I get all that information? I have my lastest credit report, doesnt seem to have the original creditor.
Recovery after bankruptcy’s? How long before you can purchase a home?
I bought GM unsecured bonds, so I do not know if I get any recovery after bankruptcy?
I bought GM unsecured bonds (BGM). November 31, 2009 is suppose to be when it goes to court. I still have no word if I would get any recovery. How long do I have to wait?
In addition, if there is suppose to be no recovery, how do I do my taxes this year?
Set your goals and work to establish them. This is not the end of the world, this too shall pass.
I work for a lender and your bankruptcy must be discharged at least 5 years prior to you wanting another house.
You also must have increased your credit score back up over 680, otherwise you have to wait 7 years.
Both, to help you after bankruptcy its very important that both are notified that you have file bankruptcy.
That Chapter 11 was later converted to Chapter 7 in 2005. The company that you’re holding stock in is gone. Pretty much a total loss.
It seems, though, that National Stores has bought what remains of Factory 2-U and trying to revive it. But unfortunately you don’t have a piece of that.