If you’ve recently filed for bankruptcy, you may feel thoroughly drained and hopeless. The good news is that there’s light at the end of the tunnel. There’s nothing permanent about a Chapter 7 or Chapter 13 bankruptcy. And while you may feel downtrodden at the moment, it won’t take long for you to get back on your feet. Below are some of the tips on how you can overcome a bankruptcy. If you need further advice, please contact my office. Together, we can get you on the road to recovery.


What Led You to This Point?

Bankruptcies have a way of making us ask the hard questions. What was it about the way we managed our finances that led us to this point? The real question is not what happened, but, instead, what did you learn? I have counseled dozens of clients in the same situation as you. They inevitably ask, “How can we do it better than we did before?” Reflect on what got you here and how you can bounce back.


Set Some Goals

Financial tragedy can be a springboard for breathing new life into your money. Now is the time to create a vision for your money and set goals to achieve that vision. One significant goal would be to re-establish a healthy credit score. One of the most common questions I’m asked is how to do this. I can sit down with you and give you some professional advice on how to start working on your credit again.


Don’t Take on Any New Debt

The reason you filed a Chapter 7 bankruptcy is that you somehow amassed too much debt. The last thing you want to do is pile on more debt. First, stay away from credit cards. A bank or debit card is all you need to make financial transactions.


If you feel that you need a credit card for purchases, a red light should come on in your head to tell you that you’re headed down the wrong financial path once again. Avoid purchasing a home, drive the old car, and only buy what you can afford to pay for in cash. You’ll realize soon enough that all the things you thought you needed are not that important after all. You’ll also be surprised at how well you can get along without a credit card in your wallet.


Stay Away From Financial Predators

When you file for bankruptcy, the word gets out faster than family gossip. Creditors, lenders, car dealerships, furniture stores, and everybody else have a way of finding out this information. You’ll soon be swamped with postcards, letters, email, texts, and social media ads informing you that you can still be approved for financing. Ignore these ads and stay away from these companies. Most of them will take advantage of your situation and cheat you out of what little money you still have.


Seek Financial Counseling

Now is the time to get an expert in your corner. Hire a trustworthy, experienced financial consultant that can guide you through your next moves. A consultant can show you where you went wrong and how to keep from making the same mistakes. They can also help you get your finances to the next level instead of just staying afloat. I can help you learn what to look for in a reputable financial advisor. Don’t settle for living to paycheck to paycheck. The best way to avoid another bankruptcy is to establish financial stability.


Ron Lundquist Can Help You With Your Bankruptcy

For over 15 years, I have been helping home and business owners successfully file Chapter 7 and Chapter 13 bankruptcies. I provide a wide range of bankruptcy services and foreclosure services. My services extend to clients in Minneapolis and St. Paul, Minnesota. To schedule an initial consultation, contact me at 651-454-0007, or you can message us on our contact page.