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Rebuilding your financial life after filing for bankruptcy

Filing for bankruptcy is far more common than many consumers realize. In fact, last year alone almost 1.2 million Americans filed for bankruptcy in the U.S. With a struggling economy, financial experts expect this figure to remain steady for the near future. While credit card debt and spending are often to blame for bankruptcy, the two most common reasons for filing are actually unexpected medical costs and lost jobs.

Tennessee readers know how difficult it is to manage daily expenses. A sudden unexpected event can turn the whole system on its head rather quickly. If this happens, financial challenges can begin to grow rather quickly, with credit card bills quickly turning into creditor harassment and threats of wage garnishment. If bankruptcy does occur, it is important for readers to know that it is possible to rebuild their financial lives.

After consumers decide whether to file for Chapter 7 or Chapter 13 bankruptcy, it is important to begin by identifying the cause of the past financial problems. If there are changes in behavior that can be made, or additional planning that can occur, this may be helpful. In many cases, since bankruptcy often occurs from sudden, unexpected events, the focus may be more on rebuilding the consumer's credit profile.

Rebuilding a consumer's credit scores is actually far easier than many consumers realize. While the initial impact of filing for bankruptcy can be startling, obtaining a secured credit card can help turn that around.

The key, however, is to be patient. Bankruptcy is not the end of the world. In fact in many cases it is the very fresh financial start that most consumers need to turn their financial lives around and to start again.

Source: FOX 5 Vegas, "Find your financial footing after bankruptcy," Ander Housser, Sept. 30, 2013

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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