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Building a better financial future after bankruptcy

If you are one of the many consumers in North Carolina who is struggling with debt and considering filing for bankruptcy, it will be important for you to understand how to move on past your bankruptcy to create a solid financial future for yourself. The purpose of bankruptcy is to allow you to become free of the debt that weighs you down today so you can start over. There are specific steps you will want to take to achieve this.

As explained by NerdWallet, you should plan on monitoring your credit scores on a regular basis. This will help you gauge how you are doing as you re-enter the world of obtaining and using credit. Your first type of new credit might be a secured credit card. This is a card which requires you to pay upfront the amount of your credit limit, almost like collateral. You should use this type of card for modest expenses on a regular basis and repay promptly. Eventually you may then qualify for an unsecured credit card.

With your unsecured card, you should plan to use it each month and pay the balance in full, being sure never to let your balance exceed ten percent of the total limit. A loan that is secured, such as an automobile loan, is another type of credit you may be able to get relatively soon after your bankruptcy as it is secured by the vehicle itself. This is another opportunity for you to show creditors that you can be resonsible with credit.

If you would like to learn more about how a personal bankruptcy might help you to get a fresh financial start, please feel free to visit the debt relief for a better financial future page of our North Carolina bankruptcy website.

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Sigmon & Henderson, PLLC
518 S New Hope Road
Gastonia, NC 28054

Phone: 704-269-6374
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