After a Chicago Bankruptcy

What to Expect After You File

There are several popular myths about the difficulty of life after bankruptcy. You may have even been told that you will no longer be able to purchase a home or buy a car after filing. This, however, is false.Most of our clients feel a great deal of relief after they make the decision to file for bankruptcy, so you should not be deterred without first getting all of the information.

In taking control of their finances, stopping foreclosure and discharging debt, those who obtain bankruptcy status are able to breathe again and have the opportunity to make the right decisions the second time around in order to avoid a similar situation from occurring again in the future. Bankruptcy is a valuable legal recourse that enables debtors to get a fresh start financially.

3 Valuable Steps to Take After Filing

Make a budget and follow it.

Determine what expenses are necessary and what you and your family can do without. By laying out a specific budget, you can take better control of your finances and also save money for the future.

Save whenever you can.

Start a savings account and delegate a certain percentage of your money into this account, saving whenever possible. This can make all the difference should a difficult situation or emergency come up in the future.

Start rebuilding your credit.

Be smart about opening new credit accounts and putting money on credit cards, as well as making big purchases. Pay off all cards as quickly as possible and don't buy anything that you truly can't afford.

Avoiding Financial Trouble in the Future

The single most important thing to be aware of after completing the bankruptcy process is that you have been given a chance to start over. Without the looming threat of debt hanging over your head, you may soon feel liberated. In order to ensure that you never find yourself in such a situation ever again, however, you must be conscious of the financial decisions that you make thereafter.

After the bankruptcy has been concluded, it would be wise to plan out your spending and stick to an allotted budget—which means foregoing unnecessary purchases for a period of time.

You may have already realized that it's all too easy to find yourself in debt, so it is highly recommended that you stick to the basics until you have had the opportunity to build up a sufficient emergency fund. From there, you can start taking steps to rebuild your credit. If you have recently found yourself on the tail-end of bankruptcy in Chicago and you are unsure of how to avoid the same pitfalls, you should not hesitate to consult with our Chicago bankruptcy lawyer. We have seen clients slip back into the same routines, subsequently landing them in debt. We are willing to work with you to ensure that this doesn't happen.

Our Chicago Bankruptcy Lawyer Can Be By Your Side

Bankruptcy isn't for everyone. Although it can be very beneficial when used under the right circumstances, it is a complex legal process that is best handled by a skilled Chicago bankruptcy attorney. At Joseph P. Doyle, we believe in providing our clients with the top-quality legal counsel they need in order to successfully file their Chapter 7 or Chapter 13 bankruptcy petitions and discharge their debt.

We understand how overwhelmed our clients can feel in the face of an unmanageable financial situation, so we have made it our one and only goal to assist them in finding the much needed relief that they are looking for.