I have more than 40 years of experience safeguarding the futures of Oklahomans and
their families. I’ll ensure
your rights are protected.


    Estate & Probate » Blog » Advice on Recovering From Bankruptcy

    Advice on Recovering From Bankruptcy

    Filing for bankruptcy can be an uncomfortable and overwhelming experience. While bankruptcy has the potential to let a person rebuild his or her credit score, bankruptcy can also cause a number of challenges including difficulty in securing credit. The following will review some strategies people can use to bounce back more quickly after filing for bankruptcy.

    Create a Budget

    If you are not familiar with living on a budget, it can be difficult to begin doing so. The first step in being able to successfully manage money, however, is to create a plan to do so. A budget should cover all of the necessities that you need to pay each month including mortgage or rental and insurance costs.  

    Use Cash to Pay for Things

    Carrying around a small amount of cash can help make sure that you stay on budget and avoid buying more than you can afford. While using cash might be a good temporary way to avoid excessive spending, some people discover that this is a particularly effective way to reduce sending and make it a permanent habit.

    Pay Bills on Time

    Late payments suggest to lenders that you are not responsible in handling you money. In some cases, late payments can even be used as a reason why a borrower will be cautious about lending you money in the future. Some people discover that by setting up auto-pay, they are able to more easily avoid missing payments.

    Create Successful Credit Accounts

    After filing for bankruptcy, many people discover that it can be difficult to obtain credit, a credit card, or a loan. To greatly increase your chances of obtaining credit or a higher credit score, it is often a wise idea to add positive behavior to your credit history.

    Secure a Credit Card

    Secured credit cards are available to people with low credit scores and can be particularly helpful in restoring your credit rating. Credit cards are considered secure if your credit limit is based on the amount of cash that you deposit as collateral. If you fail to pay off your balance on a secured credit card, the provider of the credit card will collect on the money deposited. To select a good secured credit card, make sure that there are low associated fees, flexible terms for repayment, and that usage of the card is reported to the major credit bureaus.

    Avoid Getting Scammed

    Although there are some companies that can help you successfully rebuild your credit, a large number of companies that advertise this type of service are not able to actually do so. It is critical to perform research about bankruptcy services before using them.

    Speak with a Knowledgeable Bankruptcy Lawyer

    While bankruptcy can be full of obstacles, there are also some advantages to the process. An experienced bankruptcy attorney can help make sure that your case resolves in the best possible manner. Contact attorney Jim A Lyon today to schedule a free initial consultation.

    Ethan Moran
    Ethan Moran
    09:36 28 Dec 22
    To my wife and I, our probate case was complicated. Not to Jim! He made it look so easy, and his attention to detail is incredible. Highly recommend to anyone seeking an estate planning lawyer.
    Philippe Joshua
    Philippe Joshua
    17:56 30 Nov 22
    Jim's firm was referred to me by a friend who knew I was looking for an estate planning lawyer. I can't say enough good stuff about him. He's genuine, thorough and highly skilled. Strongly recommend.
    See All Reviews
    Estate & Probate » Blog » Advice on Recovering From Bankruptcy