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Blog By Donna

A Knoxville Lifestyle & Mom Blogger


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5 Things You Need To Know About Rebuilding Your Financial Portfolio after Filing for Bankruptcy

By: Donna Chaffins | Date: June 26, 2019 | Categories: Money Talk

In life, sometimes things don’t go as planned. Financial difficulties such as the loss of income, huge medical bills and unpaid debts from large banks can leave you feeling overwhelmed and defeated. For some individuals, bankruptcy may be the only choice that they have to secure a better future for their family and have a healthy state of mind.

What is bankruptcy? 

bankruptcy

Bankruptcy is a legal procedure in which an individual or a business entity declares that they cannot be able to pay their debts. Filing for bankruptcy can stop credit collectors from harassing you and you can be able to keep your home, your assets, and your license.

However, bankruptcy is a decision that has long-lasting consequences; therefore, you should not take it lightly. Don’t file for bankruptcy before consulting with a bankruptcy attorney. If you are looking for a bankruptcy attorney in Philadelphia be sure to contact the law offices of David M. Offen for a free consultation. You will learn how to can start afresh financially and enjoy life once again.

bankruptcy

Here are 5 important things you should know about rebuilding your financial portfolio after filing for bankruptcy.

1. You Will Need To Let Go Of the Guilt and Shame

If you have gone through a bankruptcy, chances are you’ve been wracked by guilt, shame, and disappointment. Most people who file for bankruptcy report feeling like a failure at some point. However, if you want to rebuild your financial portfolio, you will need to stop beating yourself up about your current predicament and get yourself back to a place where you can learn from life and move on from the mistakes.

2. You, Will, Need a Strategy for Rebuilding Your Credit

Did you know that life after filing for bankruptcy can be very rewarding, especially for people who strategize properly? Don’t waste the opportunity that bankruptcy gives you. Think about how you got into bankruptcy in the first place. Address the root cause if you can and take steps to ensure that you will never have to go through such a financial calamity again.

3. Check Your Credit Report

Be sure to get your credit report from a reputable credit report bureau in your area. Once you get it, look for inaccuracies and dispute everything that is incorrect. This will help you to improve your credit score even faster.

4. Don’t Take a Loan If You Don’t Really Need It

After filing for bankruptcy, your credit score will be adversely affected. This means that if you take a new loan and make a late payment, your credit score will take a further plunge and you might end up with heavy penalties on your credit ratings. If you want to borrow money, make sure that you really need it and you are prepared to pay on time.

5. Give It Time

One important thing you should know about filing for bankruptcy is that your credit score will not be perfect until the day the bankruptcy record will fall off your report and this can take a significant amount of time. Be sure to use credit responsibly. Make all your payments on time and maintain zero balances. With time, your financial portfolio will shine again and you will be on your way to rebuild a bigger and better financial status.

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Don’t Miss Out on the Macy’s Style & Co Items HUGE Sale – Ends 6/22

By: Donna Chaffins | Date: June 21, 2019 | Categories: Shopping
sale

This post is sponsored by Savings.com. All opinions on the Macy’s Style & Co items for sale are 100% my own. Who doesn’t love a good sale? I know, right?! And when I find really great deals, I love sharing them with you. Right now Macy’s is having a sale on Style & Co items […]

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Simple Tax Tips for the Self-Employed Entrepreneur

By: Greg Chaffins | Date: June 20, 2019 | Categories: Financial
Pay Taxes

This is a sponsored post. All tax tips for self-employed entrepreneurs are 100% my own. There is a saying that you have probably heard. It goes like this, “Nothing is certain but death and taxes.” My favorite version adds in, “And we’re not sure about death”, which goes to emphasize exactly how certain taxes are […]

Why It’s Good to Save for an Emergency Fund with Brice Capital

By: Greg Chaffins | Date: | Categories: Financial
Emergency Fund Hand out of water

This is a sponsored post. All opinions about why it’s good to save for an emergency fund are 100% my own. The best tool a person has to make sure that financial issues don’t become financial problems is a time proven and simple one… have an emergency fund. That alone should be reason enough to […]

Hiking for Health Without Injuries

By: Greg Chaffins | Date: June 14, 2019 | Categories: Health and Fitness
Mountains

This is a sponsored post. All opinions on hiking for health without injuries are 100% my own. Ever since I was very young, I’ve always enjoyed getting out and exploring the magnificent world around us. Having grown up in the Appalachians, storming the hills became as natural to me as some others might find cruising the […]

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Captain Marvel Exclusive Steel Book at Best Buy

By: Donna Chaffins | Date: June 12, 2019 | Categories: Movies
steel book

This is a sponsored post with Best Buy. All opinions about the Captain Marvel exclusive steel book release are 100% my own. Exclusive Steel Book Are you a Marvel or Captain Marvel fan? And do you or someone you know collect steel books? Then this is for you! Just released at Best Buy yesterday, the […]

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The Ultimate Father’s Day Gift Guide for Every Dad

By: Donna Chaffins | Date: June 7, 2019 | Categories: Shopping
Father's Day

This post is sponsored by Savings.com but all opinions on Father’s Day gift ideas are 100% my own. I always have a difficult time finding the right Father’s Day gifts for my dad and my husband. I think it’s because I appreciate them so much that I want just the right gift for them. My […]

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Bring the Indoors, Outdoors with SunBriteTV Veranda Series Outdoor TV

By: Donna Chaffins | Date: May 24, 2019 | Categories: Home and Garden
outdoor tv

The reviewer has been compensated in the form of a Best Buy gift card and/or received the product/service at a reduced price or free. All opinions about the outdoor tv SunBriteTV Veranda series are 100% my own. One of the things I am working on this summer is my backyard patio. I want to make […]

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Signs That Debt Consolidation May Work For You with Barron Advisors

By: Greg Chaffins | Date: | Categories: Financial
pay

This is a sponsored post. All opinions about signs that debt consolidation may work for you are 100% my own. There is an old saying that debt is easy to get into and hard to get out of. True to that saying, debt can be very easy to get, especially when you are first starting […]

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Nectarine Lemonade Recipe

By: Donna Chaffins | Date: May 23, 2019 | Categories: Recipes
Nectarine Lemonade recipe for summer, cookouts, parties, picnics, or anytime...

It may not be officially summer, yet, but it is in our home since yesterday was my son’s last day of school. And with the temps hitting the 90s this week, well it sure feels like summer. In my quest to come up with refreshing drink recipes, I thought that nectarine lemonade would be a […]

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