The road to bankruptcy is paved with false hope and non-action. People time and time again bury their heads in the sand, sit back, and pretend that everything will be ok. While this is fine for situations in which you have no control over, your financial situation is something that you can control. On the road to bankruptcy you pass many intersections, each one offering a possibility to turn things around, only if they are seized upon at the right time.
The road from bankruptcy is less treacherous than the road to, but just as hard. You need to begin again, build from scratch and start saving and monitoring your spending habits. Living life after bankruptcy can prove a big responsibility, having to keep track of your spending, having limits and budgets.
Use these simple tips to try to survive the roads to and from bankruptcy in Skokie.
Be Realistic- Know how much money you have and how much debt you need to pay. If you do long term calculations and come to a negative conclusion, then perhaps have the foresight to begin to sell off assets and/or speak with your creditors. Don’t ignore the signs, fight them.
Speak with Friends and Family- Before you hit bankruptcy it can be worthwhile to speak with your close ones about money. Before you do so, come up with a plan, with time limits, repayments etc. and present it to them as a business model. This can put strain on relationships but in the long run can make a massive difference.
Be Calm – Filing for bankruptcy can be a very emotional time for anyone, however the key to a smooth claim is to remain calm and leave the emotions at the door. This is about numbers and is never personal. Get your head in the game and know what you’re talking about.
Again, Be Realistic- Knowing your limits seems to be one of the main problem for those facing/ have faced bankruptcy. After you’ve been through the process you need to begin to budget your finances. Know how much money you have and what your expenses are.
Begin to Save- After bankruptcy, lenders can be much more reluctant to give out credit. That’s why you need to have a “rainy day” fund. If any unexpected financial emergencies emerge after bankruptcy, you can find yourself without the funds, support or credit to tackle it. Save you money so when that day comes you have something to fall back on.
Open a Small Line of Credit- Try to secure a small line of credit that you know you can pay back every month. This will be key to improving your credit score again, enabling any future plans which require credit to not be impossible to achieve.
Find some advice for filing for bankruptcy in Skokie by contacting the team at Chicago Debt Solutions. Reach them at www.chicagodebtsolutions.com or you can also call them at 312-445-9106.