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It's No Big Deal! There Is Life After Bankruptcy

Jan 27, 2008
When you've filed for bankruptcy, you may find yourself in a sticky credit situation. You may not be able to obtain a loan for anything. However, you should know while you're in the status of "bad credit" there are things you can do to prepare for the future.

First, you can start by keeping your current bills paid on time. You will show you are making an effort to pay what you do owe, in a timely manner. In addition you will need to be sure you don't take out any more debt. For instance, if you are approved for a low balance credit card, you need to forgo it. If you take on debt too quickly, potential lenders will see you as someone who is just getting themselves back into the same financial crisis you got out of via bankruptcy.

Keep in mind it can take years to get your credit back in good standing. However, if you are persistent you will be able to take out that loan in good time. In the mean time you can likely find at least a car lot that will work with you to obtain a car, should you need one.

If you think that your life is about to end because you are filed for bankruptcy, think again! Filing for bankruptcy does not mean that you will be able to regain your good credit standing. In fact, this is a good opportunity for you to start all over again with a clean slate. Yes, it could be tough to remain your good credit standing but with a change in lifestyle, a good job and a paying your present bills on time after bankruptcy, you will soon regain the trust of most financial institutions. In fact, there are a lot of people who filed for bankruptcy who were able to bounce back in just a short period of time.

Getting Through The Tough Steps To Become Debt Free

The road to bankruptcy can be very tough indeed so you need to be fully equipped to handle whatever situations may come up. We know how difficult it can be to get through the filing for bankruptcy and the equally tough proceedings that follow thereafter. Our friendly Bankruptcy Attorneys can offer you free consultation to people like you. Contact our office and we will set you up with one of our qualified Bankruptcy Attorney. He or she will explain to you in detail what your options are and what you need to do to get back into the right path. Always remember that with the right information and guidance, you will soon be able to bounce back from your financial troubles and start anew.

Bouncing back from bankruptcy can be difficult. After it's all said and done and the bankruptcy is complete, it's time to start working on re-establishing your credit. It may take a good deal of time, but you can effectively re-establish your credit after the bankruptcy process.

The truth is, your bankruptcy claim will be present on your credit report for about 7 years. It usually takes about eighteen months of current/on time bill paying to re-build a good credit rating. You may feel as if it's pointless to re-establish your credit, but the sooner you start working on it, the better off you'll be in the long run.

A positive record of employment is essential when you want to re-establish a good credit report. Steady employment is something that is looked upon favorably by the credit reporting companies. When you're working on your credit score, you will need to budget and prioritize. Bills like rent, food, utilities and gas should be paid first. Secondly, and only after your major bills are paid should payments to creditors be made. That's simple prioritizing!

Often you can gain a better credit rating by getting a small loan. This can be tricky, but as long as you're responsible and smart with your payments it can help your credit rating. If you make your payments before your due date, your credit will naturally rise.
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