Bankruptcy can happen to anyone. It doesn’t matter if you’re a billionaire, millionaire, upper-middle class or blue collar. Bankruptcy doesn’t separate any working class. You may have had a job loss, a decrease of income from your current employer, a divorce, a medical emergency that changed your life forever, a bad business partner or bad real estate investments; all are potential factors for filing bankruptcy
Getting a loan after bankruptcy will be very challenging within the first few years, especially. You can’t file bankruptcy and immediately purchase another property with cash, this strategy may expose you to a potential lawsuit from former lender that you have a deficiency with. Bankruptcy doesn’t protect strategic defaulters. Strategic defaulters should not forget about the Fannie Mae 7 year ban.
Use these Three Simple “Life after Bankruptcy” Recovery Steps
- Re-establish your credit slowly. Restoring your credit after bankruptcy is a good starting point towards your new financial freedom. Also, don’t be afraid of applying for a secured credit card with an affordable credit line; make sure you can easily afford to make your monthly payments on time.
- Don’t go back to the need to have than the nice to have rule for your financial recovery. Downsize your lifestyle, live by your budget and establish a savings account, stay focused on your financial recovery and don’t give up.
- If you’re self-employed and filed a personal bankruptcy, tighten your bootstraps with your business expenses, re-evaluate your business plan and pro forma. Take another look at your accounts receivable aging report; does your aging report have more 90 days receivables than 30 days, which could be the core of your cash flow problem?
For more information on how we can best serve your Naples, FL credit repair and debt solutions, please fill out the online contact form or give us a call at 855.477.9007. Read what people have to say about First Pro Capital on our Testimonials page.
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