Filing for bankruptcy in Tampa can be one of the most valuable tools for financial freedom. As your debts are resolved, you gain a fresh start to begin a better financial future. However, there are some things you should do to ensure you get the most out of your new path.
First, review what you learned in credit counseling. The course(s) you took as part of your bankruptcy case provided you with information and resources to improve your money management skills. Now is the time to put that knowledge into action. If you don’t have a budget, get one. Outline all of your expenses, including categories for non-essential items like entertainment and clothing. Don’t forget to add in a budget for saving each month. Track your spending and stay within your budget limits to avoid further financial trouble.
Also, begin looking into new credit lines. It is important that you have new credit after bankruptcy. However, understand that using credit is a tool for building a better credit history and not for easy spending. Look for an unsecured line of credit that offers the lowest interest rate and fees. Plan your purchases, being sure to keep your balance below 40 percent of your total spending limit. Make payments in a consistent and timely manner to boost your credit score quickly.