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Finding oneself in a serious financial stress is too common a situation. Even Mark Twain, Donald Trump, Henry J. Heinz and Walt Disney filed bankruptcy in their lives. If you find yourself in a situation when you are highly indebted under several loans, have maxed out all your credit cards and in no situation to pay back your debts, then the last option available to you is to file bankruptcy. In fact, your financial worries do not come to an end after filing bankruptcy and you have to start your life afresh and start recovering your credit record. After losing all your cash and assets, you will struggle to get any loan for the next few years. Even if a company agrees to approve your loan, it will invariably charge you a huge amount of interest for doing so. As life after bankruptcy becomes very difficult and you have to take steps to regain your financial as well as social status, here are some of the steps that you can follow to regain control on your situation:
Maintaining a job: It is imperative to get a job or keep your existing job. Stable employment is essential as it will show to your creditors that you can be relied upon. However, you may find yourself unable to work in certain industries until you are discharged from bankruptcy.
Paying your bills: Make sure to stay current upon all your bills and payments in order to keep your post-bankruptcy record of credit clean and regular.
Maintain a positive bank balance: After filing bankruptcy, you should try to open and maintain a current or savings account and keep a positive balance in your account. This will show to your creditors and employers that you are now having a reliable flow of cash.
Start rebuilding your credit: After filing your bankruptcy, you must have become aware of how to use a credit card and how to keep a balance between your savings and expenditures. Now, using your credit card wisely will show your lenders that now you can manage your finance wisely and you are now determined to rebuild your credit record.
Using your credit and income wisely after bankruptcy is the key to rebuild your rating. If you can show to your employers and lenders that your life after bankruptcy is under control, you will be able to build a favourable credit score again and regain your reputation in the society as well.