A bankruptcy is a serious affair. The stress of dealing with creditors and attorneys alone will age just about anyone. Hopefully you have been under the guidance of both a good financial advisor and bankruptcy attorney that will help you in discharging all your debt. Once you have had all the debt discharged by the bankruptcy court you may be able to relax.
If you are wise you and your financial advisor have developed a recovery plan to use to get you back on your feet. It is a real good idea to strictly follow the plan. Your bankruptcy records will be made public and will remain on your record for about 10 years. Your records will also be available to bankruptcy marketing services.
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Bankruptcy marketing companies will find and place your name on a bankruptcy mailing list. This list will also be sold to other bankruptcy marketing service companies across the country as well to internet marketing firms. Your new no debt status is considered a gold mine to these marketers.
Soon your mail box will be full of bankruptcy credit card info and your phone may even start to ring with offers from telemarketers. Many times these consumer credit offers are in reality scams or very poor deals. Since you just received your bankruptcy you would be wise to send almost all these offers directly to the trash. Many people wish they could find a way to get off the bankruptcy mailing list due to all the junk mail they receive.
Your financial recovery plan will most likely have you living or operating on a cash basis for at least a year. That means no credit cards at all. You may even receive several credit card offers expounding the benefits of owning a credit card to help rebuild your credit. Nothing could be further from the truth. Credit card companies have replaced the local mafia loan sharks charging up to 31 percent interest. Signing up for a credit card is the fastest way back to bankruptcy court. Just say no to bankruptcy mailing list offers.
If you have need to use a credit card then apply for a debit or check card tied to your bank account. Most of these cards carry either the VISA or MasterCard logo and will be accepted where ever these credit cards are. These cards credit is limited to the amount of money you have in your account. Thus you cannot go into debt using them. You can end with an over draft penalty if you do not use them wisely.
However using cash may save you as much as 17 percent each month. Studies have shown that when people use cash to purchase groceries they purchase only what is essential. Psychologists have found that spending cash actually cause the brain to feel pain as opposed to using plastic money or checks. All of which makes you spend less money.
Stick to your financial recovery plan and throw all the bankruptcy credit card info in the trash. Normally your name will remain on the bankruptcy mailing list for about 2 to 3 years. After that bankruptcy marketing companies will have moved on to businesses and people with a recent bankruptcy discharge.
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