Filing for bankruptcy allows you to dig yourself out from under unmanageable debt and wipe your financial slate clean. While your credit score does drop after filing, with a little caution and some fiscal discipline, you can start rebuilding your life almost immediately. Below are a few steps to help you make the most out of the second chance bankruptcy offers.

What to Do After Filing for Bankruptcy

1. Check Your Credit

The credit reporting system isn’t perfect, so you’ll want to ensure that all your former creditors are reporting a zero balance. Approximately three to six months after filing, request a free copy of your credit report and check it over for any errors. Report any discrepancies immediately so you start with the strongest foundation possible.

2. Start Saving

Without those debts weighing you down, you may have a little financial breathing room at the end of the month. Now is the perfect time to start building up an emergency fund, which will provide peace of mind and show future creditors you’ve learned to manage your money.

3. Get New Credit

With a bankruptcy on your record, getting a credit card may seem difficult at first. Start with store charge accounts and secured credit cards, which are generally easier to get. Just remember to pay your bill in full every month, and never charge more than you can afford. This will demonstrate that you can use credit responsibly and start boosting your credit score after a year or so.

For more than 25 years, borrowers throughout western Wisconsin have relied on Arndt Buswell & Thorn S.C. to guide them through the bankruptcy process. With their expertise, they’ll help you get the second chance you deserve. To schedule a consultation, visit their website or call (608) 269-1200 to contact their office in Sparta. To reach their Bangor location, call (608) 486-2324, and follow their Facebook page for news and updates.