Learning About Home Insurance

Hey there, my name is Sarah Robbins. I am a brand new homeowner with an interest in protecting my home with a full coverage insurance policy. I want to make sure my investment doesn't cause me financial ruin due to storm damage or a fire. I also wanted to make sure my belongings were covered in the event of theft or vandalism. Since I don't want that information to go to waste, I decided to share my knowledge through this website. I will discuss the various ways homeowners insurance protects your new investment. I will explore policy inclusions and exclusions, coverage amounts and deductibles. I hope you will learn all you need to know to obtain the best coverage type for your house and property. Thanks for stopping by.

Life After Bankruptcy: 3 Tips To Consider

Finance & Money Articles

After filing for bankruptcy, you may wonder how your life will be after the discharge is complete. Life after bankruptcy will most likely be very different for you, and it should be. If you were in financial trouble and needed bankruptcy for relief, you will need to apply the fundamentals you learned through your required credit counselling classes. Here are three ways to do this, and the differences these may mean to the way you live your life.

Avoid Credit Cards

Through your bankruptcy, you will probably have to give up all the credit cards you have. In return, the balances will be forgiven and you can move on debt-free. If you relied on your credit cards for everyday purchases, learning a new way of life can be difficult, but it is also necessary.

After bankruptcy, you must learn to live on a cash basis. This is partly to help you avoid getting into debt again, but it is also because you will have no other option. If you do not have any credit cards, you will not have the chance to use them.

You should however consider applying for a secured credit card. Not only is this is a good way to build up your credit, but it is a safe method to use. When you have a secured credit card, you will have to put money into a savings account. The account will come with a credit card and the credit limit is likely to be equal to the amount you have invested in the account.

Monitor Your Credit Report

Another important thing you will have to do after bankruptcy is monitor your credit report. Bankruptcy will leave you with an R9 credit rating. While this is the worst credit rating you can have, bankruptcy is not the only thing that can cause this. If you never paid your bills on time, or if companies had to write your debts off, you may also have an R9 rating.

Your bankruptcy will remain on your credit report for six years after the discharge is complete. During this time, it's important for you to regularly examine your report to look for errors. If you find errors, dispute them. This is the only way to get the errors fixed, and fixing the errors will help your rating improve once the bankruptcy falls off the report.

Learn How To Save Money

Saving money is important in two ways, which include:

  • Finding ways to lower your monthly bills and expenses
  • Putting money in the bank to use for expenses or other things in the future

When you file for bankruptcy, the credit counselling courses you take will teach you these principles. By putting the principles into action, you may be able to find ways to cut back on your expenses, and this could be a totally new type of lifestyle for you.

This will also help you learn how to save money. If you no longer have any debts to pay, you may have more extra money at the end of each month. By developing a savings plan, you could use that extra money to begin building up an emergency fund, or a fund for retirement.

While these things may require a lot of changes in the way you live, they are essential for staying debt-free and moving on after bankruptcy.

Little by little, you can find ways to rebuild your credit after filing for bankruptcy. With the right steps and lifestyle changes, you may be able to have great credit as soon as your bankruptcy falls off your credit report. If you haven't filed for bankruptcy yet but are considering it, contact a trustee from a firm like Harris & Partners Inc to learn more about it.


9 December 2014