How to get a fresh financial start after bankruptcy
Like many Ohio residents, you may be struggling to pay your bills. You may feel burdened by the weight of your financial debts and live in fear that it will take a lifetime to pay them off. We here at Debra Booher & Associates understand your longing for a fresh financial start.
While you may fear the term “bankruptcy,” you should know that in many cases it helps people recover and get on a solid financial footing. According to Forbes, while a bankruptcy may stay on your credit report for up to a decade, it is indeed possible to have a quick recovery from bankruptcy. By working towards this goal, you might find yourself in a positive financial situation that earlier you could not have imagined to be possible.
People file for bankruptcy for different reasons, including medical bills amassed during a serious illness, loss of a job, or sometimes just simply living beyond one’s means. To have a solid fiscal recovery, you must examine what caused the bankruptcy in the first place. Then, you must figure out how to avoid a recurrence of this situation.
After your bankruptcy is discharged, one way to restore fiscal stability is by opening a secured credit card. Once you give a deposit, you are given a certain spending amount that is often predicated on the amount of that deposit. By making regular charges, preferably monthly, and paying your balance on time and in full each month, your credit begins the process of recovery from your bankruptcy. More information about this topic is available on our web page.