Even though you have taken the hard step of filing for bankruptcy protection, it should help you in the long run. Bankruptcy should be your awakening call. You should never ever put yourself in this excessive debt position again. Filing bankruptcy should not be taken lightly. Bankruptcy has a lasting effect in the rest of your life. You should have learned from this experience and make an effort to lead a prosperous life, one without any debt. To that end, here are some of the things you should do post bankruptcy filing.
A budget can be the life-saver
The major cause of many personal bankruptcy cases is the accumulation of debt which in the long run became too overbearing for you to pay. Having a reasonable budget and sticking to it is the single most crucial thing to avoid any re-occurrence of bankruptcy. A good budget is not created overnight. You need to take time to assess what you are spending and tweak it so that you can easily follow it. When you have devised a fitting budget which you can stick to monthly, you will be able to avoid the chance of bankruptcy ever again.
Find and join a credit union
Credit unions are run like clubs which have membership standings. Once your membership into the credit union is accepted, the credit union can give you loans. Credit unions are a great source for rebuilding your credit since their mission to help its members financially. They can also give you small loans such as car loans.
Start saving
Since you have become debt free post bankruptcy filing, take the money that you were paying to the credit cards and put it away in a savings account. Even if you only put away $50 a month, it will add up over time. $50 a month means you will have saved $600 in one year
Contribute to your retirement account
Your employer most likely offer you 401(k) to save for your future. There is an old say "every little bit adds up". The same holds true if you can just put away 5% of your paycheck into a retirement fund. Since the money taken for the retirement is pretax, you will not see the money in your account, hence more unlikely to think about spending it.
Credit card usage should be carried out with caution
Like many people who have filed for bankruptcy shelter, credit card debt is a major reason for their financial insolvency. You have experienced first hand how using credit card losely and without control can lead to your financial downfall. If the need arise that you have to charge a purchase, use the same credit card all the time. Only if you are sure you can pay for the purchase that you will be making on the credit card, or else do not buy it.
Run a credit report on yourself at least once a year
Since you want to keep a clean credit report going forward, you will need to make sure that the past debt from the bankruptcy filing has been discharged. It is significant that every contingent in the credit report is precise.
You should definitely follow some of the things listed above post your bankruptcy process. Bankruptcy is not the end of the world, but it is up to you to make a better future for yourself. You have to do everything in your ability to fight against excessive debt which could eventually lead to bankruptcy. Your life after filing for bankruptcy should not be one of despair and hopelessness. You should take this chance to create a new life for yourself and your family.