Relocation After Personal Bankruptcy?
admin | Apr 01, 2010 | Comments 1
Hello everyone. I’m a 29 year-ancient who declared personal bankruptcy in May 2009 and am trying to make my life “back on track” (cliched, I know…). My main question (and reason for posting this on a large community website like Answers) revolves around relocating after a personal bankruptcy. I’m hoping some others on here have had akin experiences. Job opportunities are just not here (in my home area) and I’ve come to the conclusion that, at some point or another, I’m probably going to have to go in order to “make ahead”. I have a clad job now but growth potential is nearly non-existent and I’ll soon be spending more than I take in (hello financial turmoil, section 2). Anyway, I’m mainly concerned about job hunting/relocating so soon after my bankruptcy last year. I realize many employers and nearly all reputable landlords run your credit, and my bankruptcy has pretty much disqualified me from the financial industry and jobs that require security clearances (although I probably wouldn’t be applying for positions in those industries…). Since my bankruptcy, I’ve managed to maintain my finances honestly well and haven’t missed or submitted late payments for any of my remaining obligations since discharge (i.e., student loans and the small credit card I was approved for in late 2009). My current landlord also renewed my lease for another year. I believe my credit score was unevenly 670 as of this January – certainly not fantastic but not exactly rock-bottom either). I guess my main question is: is this the “aptly time” to be looking to pack up my meager belongings and look to initiation a new life somewhere else? Or should I wait until my credit score improves in a year or two, which may afford me better opportunities? I realize the BK will be on my credit report for 10 years, but I really don’t see myself holding out until then. Any advice/personal experiences/terms of wisdom would be appreciated. Thank you!
Brandon and CapWest – thank you for your responses. Both were helpful!
CapWest – I shouldn’t have said “spending more than I take in”. I meant to say that, if my income doesn’t improve, soon enough the cost of living will catch up with me. At the current time, 90%-95% of my income goes toward cost of living expenses.
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Hey,
Sorry to hear you’ve had such a rough time financially. I initially would suggest, before picking up and moving, a touch I suggest to all my personal finance clients. Learn as many tips on budgeting you can so that even in your current work you are moving ahead financially and working towards saving money. The reason I say this is because if you don’t have excellent money management skills now, nothing will really change when you go. You’ll just be spending more as your income allows and it would only be a matter of time until things catch up to you. I’ve seen it so many times.
Most importantly, keep learning, keep positive and keep looking for the answers that will principal you to financial success
Cheers