CREDIT AFTER BANKRUPTCY

It can be simple or you can make it as you choose to; most people tend to make it difficult

. infact, research shows that over 7% of the people who filed bankruptcy will end up filing it again later on down the road. Do you want that? Definitely NO! Now that you have filled bankruptcy and hopefully all the debts were discharged. it is now time to begin getting back on track. you have to understand that things happen in our lives and sometimes we just do not have a lot of options.Firstly, forgive yourself above having to go through all this; take sometime and access what went wrong with the finances and begin learning what you can do to fix them and apply the following steps: Adopt a no-frills lifestyle. Pay all bills on time. Rebuid good credit Buid up a saving account Get a credit card and pay-off every month Adopt a no frills life style That means a very no-frills lifestyle. Sometimes it means changing the basics in your life, like how much you pay for shelter and groceries every month. And you can't take on new debt like a credit card or car loan without the court's permission. At the end of reorganization, your obligations are gone and your money is yours again. But the fact that you've declared bankruptcy, even though you paid back at least some of your debt, will stay with you for five to seven more years. Pay all billson time. Then make sure you are paying everything on time; this will help prove to creditors that though you had filed for bankruptcy earlier on, you are in a position to pay any debts owed in good time. Rebuild good credit. You have to get credit to rebuild your financial life. After your bankruptcy has been discharged, you need to re-establish good credit, right away for a Chapter 7 or after reorganization for a Chapter 13. The rule of thumb: there are no rules. How fast you build back your credit will depend on a lot of factors that vary widely. It also depends on what resources you have. Obviously, if you have a high-dollar income, you have an edge. If you managed to hang onto your house, paying your mortgage on time will improve your credit report. (Many apartments don't report to credit bureaus, so those payments will keep a roof over your head but won't help rebuild your credit Get a credit card and pay-off every month. Get a credit card from a credit card company, and the credit limit is equal to the collateral. while you pay-off every month.

CREDIT AFTER BANKRUPTCY

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