Life After Insolvency: Tips for Success

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Going through insolvency means you gain a fresh financial start, but at the same time, getting started with your new financial life can be overwhelming and even a little difficult. After you move into life following insolvency, here are some easy strategies for success:

insolvency means you gain a fresh financial start

  • Filing bankruptcy will affect your ability to get credit, but this does not mean it is impossible. After your debts are discharged during insolvency, you can start rebuilding your credit right away. Make sure your credit is accurate by reviewing credit bureau reports and getting a new credit card. Using it responsibly moving forward is the best strategy for improving your credit score.
  • If you would like to make a large purchase, start with a vehicle. While obtaining a home mortgage after bankruptcy is not impossible, it will take time to reestablish your creditworthiness and apply for a mortgage.
  • After you complete the insolvency process, you may experience tremendous feelings of relief. Use these positive feelings as inspiration to use what you have learned and turn your financial life around permanently.
  • Determine exactly how much you make every month and what expenses you have. Then, create a workable budget and stick to it by saving and making all your payments on time.

We realize the prospect of insolvency can be overwhelming, which is why we are here to offer guidance and support. Contact us at Morgan & Partners Inc. today to explore your debt relief options with a member of our team.