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What can you do to expedite your recovery from bankruptcy?

Having to declare bankruptcy may have provided you with sudden financial relief, but it can also leave a lasting impression on your financial security and credit score. A damaged credit score can make it difficult to acquire a loan or purchase things like cars and homes in Virginia. Fortunately, there are things you can do to overcome this financial setback and expedite your recovery to a secure financial future. 

According to HGTV, one of the most important things you can begin to do immediately is to maintain a good credit score. Demonstrate that you understand what you can be doing differently to prevent having to file for bankruptcy again. Some of the other suggestions they give include the following:

  • Look for credit opportunities: As you work to begin to reestablish your credit, look for opportunities to pay debts down. However, be careful to stay within your means so you do not find yourself with more debt than you can reasonably pay. As you make payments on credits you owe, you can slowly begin to rebuild the damage that was left behind by bankruptcy. 
  • Make a list of changes: Identify areas that may have contributed to your downfall before. Commit to live within your means and to reduce your debt. Know which of your necessities are actual necessities and which can be put on hold until another time. 
  • Work with a professional: Experts who are familiar with working with people who have had to declare bankruptcy can provide you with a world of insight and guidance. Their experience may be able to give you ideas for ways that you can overcome your setback and continually rebuild your financial security. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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