Life After Bankruptcy: Maintaining Financial Stability After Your Bankruptcy Discharge
Finding yourself on the successful end of a completed Florida bankruptcy case is undeniably a huge relief after struggling financially for so long. Many people are then surprised to find that what they may have assumed would be a simpler pathway instead seemingly has a new challenge around every turn. Being on the other side of bankruptcy means that in contrast with financial challenges being over, being mindful of exactly how your money is being managed is more important than ever. Fortunately, there are things you can do to ensure that you get the most from your improved financial status.
Understanding the Benefits of Bankruptcy
According to statistics published by the American Bankruptcy Institute, the number of total bankruptcy filings actually decreased last year. Nonetheless, the more than half million bankruptcy filings that occurred during calendar year 2020 are indicative of the fact that bankruptcy can be an ideal solution for anyone who is experiencing debilitating debt that has no likelihood of going away any time soon. Bankruptcy provides a legal pathway for both businesses and individuals to overcome debt. Filing for bankruptcy can offer instant relief from harassment by creditors and even halt stressful things like foreclosure and negative remarks on credit reports. Bankruptcy can enable a debtor to get rid of credit card bills, medical debt and other loans.
However, it is also important to understand that all debts are not considered to be dischargeable and that all types of bankruptcy do not work the same way. Obtaining the help of an experienced legal team like the bankruptcy attorneys at Nowack & Olson, PLLC is the best way to obtain clarification on what debts may be discharged in your specific case. The right attorney can also help you ensure that you have the tools in place to maintain your newfound financial relief.
Tips to Help You Maintain Your New Financial Stability
- Make sure you have copies of your bankruptcy paperwork
- Check your credit score regularly
- Keep a close eye on your credit report for any errors
- Carefully align your budget with your current financial situation
- Save up for big purchases instead of using credit cards whenever possible
- Avoid any behavior that you know led you to mistakes in the past
Take the First Step Toward Life After Bankruptcy
Filing for bankruptcy is a complicated process and means substantial changes. A successful discharge also comes with changes but additionally comes with many other benefits. This process can begin with you simply reaching out. As the Plantation bankruptcy attorneys at Nowack & Olson, PLLC, we have over four decades of combined experience helping people who are down on their luck get out of debt and get into rebuilding their credit. If we determine during a complimentary consultation that bankruptcy is the best debt solution for you, then we will show you how we can help make the bankruptcy process as simple as possible while we guide you toward the improvement of your financial situation. Our team is available today to discuss your unique financial picture and help you understand what to expect during and after the bankruptcy process.