Fortunately nowadays filing for bankruptcy is no longer considered such a social or financial disgrace as it was ten or twenty years ago. You can take advantage of filing for bankruptcy to give yourself a way of escape, allowing you to start again on the right foot.
You will now be able to concentrate on restoring your credit and this is no easy chore. It is obvious to all, that if you did file for bankruptcy it was because you could not manage your credit in the first place. This will make finding another credit all the more difficult. This does not mean that you will never have a chance to; it just means that from now on your financial life habits will have to change.
How can you rebuild your financial status if you cannot get credit? This will depend principally on the type of bankruptcy you filed for. Bankruptcy filed under Chapter 13 will bind you for five to seven years, whereas filing under Chapter 7, means your bankruptcy history will stay on your credit report for about ten years. Nevertheless, during this time you will find it hard to get your financial status back, in addition to the fact that credit will be a near impossibility. This does not mean you cannot get the pieces back together again.
Depending on your income you will have to adapt to your new condition. If you still have a property and pay a loan to the bank, keeping on time with your mortgage payments will be an asset for any future credit request and will enhance your credit report, although not all properties report to credit bureaus.
Try taking on a new outlook and treasure your past experiences. Most bankruptcy attorneys and financial analysts suggest that the right attitude and perseverance will help a great deal after filing for Chapter 7 and 13. The sooner you get back in after bankruptcy the sooner you will recover from the aftermath of bankruptcy. If you keep a positive attitude, this will make a real difference.
Change your financial management strategy, keep your payments up-to-date and do not let them run late. With professional help from an attorney or law firm and again a financial analyst, you can plan a financial scheme and even obtain a new credit without having to pay exorbitant fees or interests due to your past mistakes. Seeking adv
Budgeting finances is something that will make life easier on you and them. While we don’t want to worry our children with adult concerns like paying the bills, teaching them how to manage money will serve them well for the rest of their lives. Sadly, many adults do not learn how to manage their money until they have made serious financial mistakes. By teaching your children this valuable skill when they are growing up, they are far more apt to manage their own finances wisely when they are grown.
In order to learn about budgeting finances, though, they’ll need some money to manage. Many parents give their children an allowance and those that are engaged in teaching their children how to manage money approach it in different ways. Some parents will let their children spend part of their allowance immediately and have them save the rest. Some parents will even incorporate charitable contributions into their children’s budgets and let them decide in which manner they want to contribute to others. For some, it may be giving at church and for others, it may be contributing part of their allowance to their favorite charity.
While it is important to teach your children to save, it is equally important to teach them how to set and reach goals. For example, instead of just having your children save part of their allowance, you might consider discussing short and long term goals with them. This way, saving money will become more interesting and attractive to them and they will be more engaged in the process. While it can be boring for a ten year old to save money toward a college education that seems eons in the future, dedicating part of the savings to a short term goal, such as a new gadget or bicycle will propel your children to become far more interested in saving.
Not only is it important for your children to learn, but it is also important for them to reap the rewards of sound money management. Saving part of their allowance for several months in order to buy something special will teach them that the process does indeed work. While you may have to be the one saying no to small expenditures at first, eventually they will be able to discipline themselves because they will remember how it feels to finally get the larger, more important item. Budgeting finances is one of the most important things you can teach your children and it is something that will stay with them for the rest of their lives.