Our clients love the fresh start that they obtain after filing bankruptcy. Even though a bankruptcy filing can remain on your personal financial record for approximately 7-10 years, most people don't know they can begin the rebuilding process as soon as they file. Fortunately, filing for bankruptcy can allow you to simultaneously eliminate your debt and decrease your risk in the eye of creditors, which opens doors to a better financial future. Bankruptcy is a new beginning for you and your family. It's important that you start off right in order to take full advantage of the many benefits that your bankruptcy filing has provided to you.

The Law Office of Jonathan Petersen offers the following tips to maximize your fresh start:

• Create a detailed budget. The best way to form better financial habits is to keep track of your monthly income and expenditures. Once you make a budget, you'll realize how your past mistakes contributed to your difficult financial state. Always think "save first and spend second." Only spend money on what you need.


• Establish a new bank savings account. As you make deposits each paycheck you will begin to build up an emergency fund that can be used to pay large bills with cash instead of credit. This will also help you save for emergencies instead of using a credit card.


• Use cash instead of cards. Using cash teaches you to use the money you have in the bank instead of borrowing what you don't have.


• Learn to pay your bills on schedule. Debt increases when late payments add up, so the best way to combat that is to pay bills when they're due.


• Avoid "rent to own," "same as cash," and other money scams. Remember, you're responsible for your own financial state, so don't let greedy businesses take your money away from you. Be smart and save up for large purchases.


• Order your credit report. Make sure the bankruptcy filing is showing up on the current report. If filing for bankruptcy was your only choice you may wish to list a reason on your credit report.


• Be Employed. Get a job or keep your old one. You need income to pay bills and purchase basic living essentials. To get income, you need to work. Even if you don't have your dream job right now, keep at it. It will be worth it down the road.

For more help with rebuilding credit after bankruptcy, contact the Law Office of Jonathan Petersen. We can help you get on the path to rebuilding your credit and improving your financial future.

Schedule a no cost consultation with the Law Office of Jonathan Petersen to evaluate your options. Call our 24/7 bankruptcy scheduling line at (219) 240-8585 (Indiana) or (312) 698-8950 (Illinois). Our scheduling line is open every day of the year including holidays to schedule you for a no cost consultation.