McFarlin LLP, renowned bankruptcy and foreclosure defense law firm in Orange County California, offers advice on the most important things to focus on after filing for bankruptcy.


Aliso Viejo, CA, January 30, 2020 – It is mostly a myth that people who file for bankruptcy are irresponsible. Statistics show that only a very small percentage fit into this category. Most bankruptcies are caused by job loss, unforeseen medical expenses, or to a lesser extent change in family circumstances like divorce or birth of a child.

As a bankruptcy attorney in Orange County, McFarlin LLP has the knowledge and experience to act as a guide through the insolvency process, and has done so for thousands of people, helping them make the best decisions for their given circumstances. 

But after filing for bankruptcy, what are some things you can focus on to ensure that you rebuild your credit and live within your means?

1. Start a Budget & Review Regularly

In addition to determining your assets and liabilities, one main focus of the bankruptcy process is your budget. One of the first things you should do is create a basic budget so that you can understand your income and expenses. Always allow at least a part of your budget for savings. You should take then some time every week to review where you stand. Your budgeting ability should improve over time, as you become more familiar with the reality of how you actually receive and spend money, rather than simply your idea of it. Make a budget and do everything you can to stick to it.  

2. Check Your Credit Reports Regularly

It’s vital that you understand what your creditors are saying about you. While it is probably a good idea to first let everything settle after about three to six months you should begin regularly reviewing credit reports. Each of the three major credit reporting agencies are required to provide you with one credit report for free each year. After bankruptcy, many creditors and lenders will stop reporting to the credit bureaus completely, although it may take several billing periods for creditors to rectify their accounts with the credit reporting agencies.

3. Consider Getting a Secured Credit Card

Credit can be an important part of modern life, but debt can be dangerous. There is a massive difference between maintaining good credit and carrying a heavy debt load. A secured credit card may be a good option for starting on the path of good credit. One option is to get a card with an extremely low limit and place a very small recurring charge on it, a magazine subscription, for example, and then set up your bank account to automatically pay this card off each month. With each billing cycle, your credit score will improve.

Remember, as someone who now has little or no debt, you have the chance to rebuild your credit. Controlling your budget and saving some money will help you do it.

About the Company: McFarlin LLP provides legal services to small to mid-sized businesses & property owners in California. Experienced in business litigation & real estate litigation. McFarlin LLP has a renowned bankruptcy and foreclosure defense practice, including bankruptcy litigation, which serves individuals, corporations and property owners. McFarlin LLP is regarded as the preeminent foreclosure attorney, providing defense and mortgage litigation services in California, securing results beyond optimistic expectations in many cases.

Press Contact:

Name: Tim McFarlin
Address: 11 Mareblu, Ste 100-A, Aliso Viejo, California 92656
Phone: 949-544-3052