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Texas bankruptcy lawyerThough many people think a bankruptcy can ruin their credit for the rest of their lives, that is not necessarily true. When you file for a Chapter 7 or Chapter 13 bankruptcy, it stays on your credit report for at least seven years. Though that can be disheartening, you should not worry too much - you can start to rebuild your credit right after you file for bankruptcy. Often, people find that their financial situations and credit scores are even higher than they were before bankruptcy, given you can change the reason you became buried in debt. Though it can seem daunting, rebuilding your credit score after you file for bankruptcy is crucial. Here are XX ways to help build your credit back up.

Create a Budget

One of the first ways you can make sure you are on the track to financial success is by creating a monthly budget to keep track of your spending. There are numerous websites and apps that can help you do this, but they all essentially do the same thing - take your monthly earnings and subtract monthly expenses, budget for a few luxuries and then use what is left over to pay off debt, invest, or deposit into a savings account.

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bankruptcy filing, credit scores, impending bankruptcy, medical debt, San Antonio bankruptcy attorney, Texas bankruptcy attorney, unemploymentAmericans file for bankruptcy each year as the result of owing more money to creditors than can actually be paid. While often times the term “bankruptcy” is stigmatized and correlated with poor spending habits and large credit card bills, the truth is it is a necessary practice for economic relief in dire times.

Most people who file for bankruptcy are not irresponsible, nor are they trying to use the process as a means of simply walking away from their debt. US News stated in an article, citing a study by The Bureau of Labor Statistics, that as of April 2012 more than 5.2 million people across the country had been unemployed for six months or more. In addition to unemployment as a factor, money lost due to divorce is also a large contributor to outstanding debt, as well as medical expenses.

There are several other common misconceptions about bankruptcy filing and those who file. Consider the following misunderstood and misinterpreted bankruptcy concepts everyone should know:

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