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You’ve got more time than you think you do.
When you come out of bankruptcy, you’ve got this burning desire to run.
Get a house, buy a car, live large. Now now now.
I get it – you’ve been shackled to your bills for so long that you feel the need to fly high and fast, like some kid who’s just been given the keys to a new Camaro after being relegated to a 10-speed for his entire life.
But I’m here to tell you that flooring the gas is a stupid move.
You Didn’t Go Bankrupt Overnight
Most of my clients tell me that their credit cards got overextended little by little, the mortgage fell behind over the course of months, and the savings ran out drip by drip.
If you didn’t go broke all at once, what makes you think you can climb to the top of the economic heap in a single bound?
Slow And Steady Wins Over Mario Andretti
Hey, Mario’s awesome – but he trained for years before he won his first race. If you’re a financial professional who fell into debt overnight because of some enormous, unforeseen situation that’s one thing. But more likely, you’re a normal person who’s just looking to make his or her life a better one.
Take the time to build your savings, steady your financial situation and create a foundation upon which to build. It’s more like to stand the test of time.
Explosive Growth Leads To Explosions
Ask any entrepreneur about the heady days of explosive growth, and you’ll likely hear the same story. It was awesome, it was fast, then it was over life a weekend in Vegas. Left with a hangover, you feel worse than you have in a long time.
Rather than taking the chance of flaming out, take some time to assess your situation and plan your next move.
Do You Really Want To Be My Client AGAIN?
I take no offense at the fact that nobody wants to be my client. I’m like an oral surgeon – you come to me when the pain is too intense and you’ve got no other options. The best I can do is solve the problem with as little pain as possible.
But if you run into money problems again, you’re going to come back to me. That’s not a place you want to be. And as much as I may like you, I’d prefer to catch up with an occasional phone call or email rather than by seeing you with me in court.
Featured image courtesy of Ungaio.
Bankruptcy And The Get Rich Quick Mentality was originally published on Consumer Help Central. If you're seeing this message on another site, it has been stolen and is being used without permission. That's illegal, a violation of copyright, and just plain awful.

Once a Chapter 13 bankruptcy case is filed and a plan is proposed, it’s going to run for a certain number of months, typically between 36 and 60 month.  Now, there are some cases that end much earlier than 36 months and there are no cases that can exceed the 60 months.  So somewhere between+ Read MoreThe post How many payments do I have left in my Chapter 13 bankruptcy case? appeared first on David M. Siegel.

Uncertainty is no fun, especially when it’s your financial future. Peer into the crystal ball to set your mind at ease.
When you file for bankruptcy, it’s usually because there’s no better option for you to get your finances under control. Your credit’s shot, your phone’s ringing off the hook and the mail is piling up.
You sit down with your bankruptcy attorney and plot out a course for completing the process. But the end of the case is the beginning of a new chapter in your life.
Here’s how it plays out.
Enjoy The Silence
One thing you may have noticed once you filed for bankruptcy was that the phone stopped ringing with collection calls. The mailbox was no longer jammed with unwanted letters demanding payment.
After bankruptcy, that trend continues. Enjoy the silence – you earned it.
If, however, someone calls or writes about a debt that was wiped out in your bankruptcy case then you need to get on the phone with your attorneys immediately.  Any contact by a creditor or debt collector about a bill that was discharged in your bankruptcy case is against the law.
Mop Up The Remaining Debt
After bankruptcy, some of your debts may still remain enforceable. Things like student loans, some taxes, and domestic support orders may remain outstanding. If there’s a bill you need to take care of, by all means so do as soon as possible.
You’re going to want to sit down with your bankruptcy lawyer to be sure of which of those debts are yours to handle after discharge, just in case you forget something that could be important.
Check Your Credit Reports
It’s frustrating to go through your bankruptcy only to realize months or even years later that some of the discharged debts are still being reporting as outstanding. Lots of my clients have this problem, and it’s one of the reasons why I go through every credit report with my clients after the case is completed.
Checking your credit reports is easy, free once a year under federal law, and can save you a ton of hassle later on.
Rebuild Your Savings
The best way to avoid getting back into debt is by keeping a rainy day fund.  Now’s a great time to start working on yours.
You may not be able to put a ton of money into your savings account each month, but even a few dollars goes a long way over a few years.
Remember, none of this is going to change your world overnight. But if you start now, things will be better in the future than they are the day after bankruptcy.
Image credit:  Mathieu Struck
What Happens After Bankruptcy was originally published on Consumer Help Central. If you're seeing this message on another site, it has been stolen and is being used without permission. That's illegal, a violation of copyright, and just plain awful.

Foreclosure Rates are Down and Housing Sales are Up The end of 2012 may have marked the close of our most recent recession.  Recent reports are showing that foreclosure rates were down by 41 percent in Los Angeles County when compared to the previous year.  This decrease in foreclosures, combined with the increase in housing [...]The post Is Now a Good Time to Buy? appeared first on National Bankruptcy Forum.