May
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Getting a Car Loan after Bankruptcy — Step One: Put Your House In Order.
May 10, 2007 | 1 Comment
Step one — Put Your House In Order. Do you know why you filed bankruptcy? Was it because of something beyond your control, like an illness, a death in the family, a messy divorce, etc.? Was it because you have a hard time keeping a budget? Was it a little bit of both? Whatever the reason is, you HAVE to remember not to repeat your mistake. While establishing credit after your first bankruptcy is easy, trying to re-establish after your second bankruptcy isn’t. So be warned — you only get one “do-over” when it comes to credit.
Start by setting aside no less than 10% of your paycheck in a savings account. If you can afford it (and, since you just came out of bankruptcy you probably can) set aside 20%. Next, make a budget for the rest of your cash. Have a goal for every expense and then write down every transaction and keep every receipt. At the end of the month, compare your goals to what you actually spent. If you find that you’ve got money left over, GOOD JOB! Add it to your savings. If you see that you spent too much, find ways to cut costs.
I don’t want to spend too much time on this, but I can’t tell you how many people I’ve met that have filed bankruptcy due in part to a gambling problem or a substance abuse problem. If this applies to you, get help. Don’t let these things ruin your life. Visit HelpGuide.Org for help with gambling, drug, and alcohol problems.
Getting a Car Loan after Bankruptcy — Step Two: Start Hoarding
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