The Dayton bankruptcy process is a tool for a fresh start. Although many people may feel overwhelmed before their case filing, it isn’t uncommon for others to feel lost after their debts are discharged. The best way to take advantage of your new financial path is to have a plan for your future.
Now that your debts have been resolved you are in a unique position to capitalize on your finances. This means your monthly spending habits, your credit score and your savings plan. Another great aspect of the bankruptcy process is the credit counseling requirement. Chances are you learned some valuable tools that you can now put to use to make the best of your financial life from here on out.
If you haven’t already, create a budget. Outlining your monthly expenses on paper really puts into perspective your priorities for your money. Be sure to list all of your essential living expenses like housing, gas, food, utilities, and even your savings account; but also add in places for things like medical expenses, clothing, entertainment and the like. Even if you don’t spend any money in the optional categories, it is better to over-budget then overspend. There are many online programs, computer software products and even Smartphone applications that can help you organize your budget; some can even alert you when you are reaching your budget limit for the month.
Also, check your credit report. There are instances in which credit account holders fail to update information to credit reporting bureaus after a bankruptcy. If your information is out of date or inaccurate, it could be holding you back from making strides in improving your credit. Check your report for accuracy and keep an eye on it regularly. Once your report is in order, being thinking about your new plan for credit. Whether you use an old account that was resolved in your case, or are seeking new credit, the important thing is that you remember to use credit wisely. Plan out your purchases to a balance you can afford to maintain a payment, keeping in mind that balances under 30 percent of the available limit are the fast track to better credit.