Preparing For Life After Bankruptcy

When filing for bankruptcy, it’s important for all California residents to be aware of specific, important information about the rights afforded them by federal and state law. Alberto Montefalcon may provide this necessary information which includes the true benefits of filing a bankruptcy case. One of the primary benefits and main purposes of bankruptcy is to discharge debts and provide an individual debtor with a “fresh start.”

After a bankruptcy case is completed and a debtor has received a discharge, what’s next? Some former debtors pledge to only pay cash for purchase, which eventually is unrealistic if they want to buy a home, car or another item which necessitates the use of credit. Therefore, it makes sense to immediately attempt to rebuild credit. This will make it a lot easier to obtain a loan when the day arrives that a major purchase is desired or even necessary.

Planning ahead makes perfect sense and is the obvious choice to rebuilding credit. A good plan includes the following: First, open a savings account immediately after a discharge is received. Next, obtain a secured credit card. Then six months to a year later, aim to have a savings account with a balance of a few thousand or, at least, several hundred dollars. Next, have enough money for a down payment of 20% on a new car within a year of discharge. These are all excellent steps and goals. The most obvious and simplest step is the opening of a savings account.

An experienced Sacramento metropolitan area/Northern California bankruptcy attorney like Alberto Montefalcon is here to help you if your financial position requires the consideration of bankruptcy as a solution to once and for all solve immediate financial problems. Contact his office online or schedule a consultation at any of our three conveniently located offices. Telephone our downtown Sacramento office at (916) 444-0440, our South Sacramento office at (916) 399-9944, or our Concord office at (925) 222-5929.