Steps to Recovering after Bankruptcy

Life happens. Sometimes our financial decisions and life events that are beyond our control can lead to bankruptcy. Bankruptcy can help you more than hurt you depending on your situation. You will want to consult with a Bankruptcy Attorney at Robinson, Seiler & Anderson in Provo before filing for bankruptcy to make sure it is the right choice for you and your financial situation. If bankruptcy looks like the answer we have some steps for you to try to help you in recovering after bankruptcy.

 

Do a Self-Evaluation

After you go through the process of a bankruptcy you will want to take the time to do a self-evaluation to figure out how you got into this financial situation. Often times it is due to things beyond your control like health problems and divorce, which is understandable. If your financial situation is due to your bad spending habits now is the time to address those bad habits and make necessary changes. You don’t want to find yourself in a similar situation a few years down the road.

 

Avoid Lenders

Post-bankruptcy, you are particularly vulnerable to predatory lenders such as payday loans and rent-to-own retailers. You will want to avoid these types of businesses as they promise easy credit, but charge extremely high interest rates. You are also easy prey for “credit repair” businesses that promise for a fee to remove items from your credit report. No one can remove anything from your credit report unless it is an inaccurate item. No program or any amount of money can remove accurate items from your credit report.

 

Open a New Credit Line

Credit lines may be the reason you had got into such a bad financial situation in the first place, but if used correctly you can use it to repair your damaged credit. There are credit card issuers who will offer you a secured credit card just a few months after your bankruptcy. Secured credit cards typically have lower credit limits as you must provide a deposit which acts as your credit limit and higher than average interest rates. Nevertheless, they are important cards to get in order to re-establish a positive credit history. Secured credit cards can be used the same way as traditional credit cards. Secured credit cards also report to the credit bureaus just like a traditional credit card. After a few months of using a secured credit card and paying the bill on time every month, you should be able to obtain a traditional credit card.

 

Recovery after bankruptcy is going to take time and discipline. With the help of a bankruptcy attorney at Robinson, Seiler & Anderson in Provo you can improve your financial situation and turn your life around. Check out our website for more information on our firm.

View Our Testimonials Announcement

Norman H. Jackson, Utah Court of Appeals Judge, Retired, has joined the law firm of Robinson, Seiler & Anderson, LC, effective April 2017.  Judge Jackson was one of the seven founding Judges of the Utah Court of Appeals and served terms as Presiding and Associate Presiding Judge.
 
Judge Jackson was the senior attorney in a Richfield law firm for eighteen years.  The firm engaged in legal, business and tax cases, including practice before State and Federal Courts, U.S. Board of Land Appeals, Utah Public Service Commission and Arizona Corporation Commission.  Clients included counties, cities, banks department stores, communications and credit associations, irrigation companies, auto dealers, building supply stores, farmers, ranchers and small businesses. They took “every type of case that came through the door,” from criminal defense work to a patent royalty dispute for the inventor of the Frisbee. Judge Jackson has been a lifetime rancher doing business in Utah as Jackson Cattle Company and Arizona as EJ Cattle Ranches.
 
Judge Jackson’s professional service includes terms on the Utah State Bar Commission, Bar Foundation (President and Vice President), Air Travel Commission, and Utah Information Technology Commission.  He served on the Judiciary’s Alternate Dispute Resolution Committee for thirteen years and initiated and supervised the Appellate Court Mediation Office.  He developed and advanced a realistic and workable framework for both of Utah’s Appellate Courts to use in reviewing trial court and administrative agency decisions.  He published three editions of Utah Standards of Appellate Review while participating in more than 2,000 appellate court decisions.  
 
Judge Jackson’s experience will complement the other outstanding lawyers at Robinson, Seiler & Anderson, LC.  The firm will continue its representation of injured individuals, as well as clients in real estate, business, estate planning, tax, contract and education matters.
 

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