Home Add to Favorite Contact Submit  
             21 October, 2019
 

    
Category:  Articles » Finances » Bankruptcy

 

Bankruptcy - Getting Your Credit Back

Popularity:
         Views: 1188
2006-06-19 19:59:03     
Article by Michael Russell

Your bankruptcy case has gone through and you're trying to put all of this behind you. You want to get a fresh start and not make the same mistakes again in the future. It's time to start thinking about rebuilding your credit.

No matter what caused you to file bankruptcy, be it from doctor and hospital bills, a divorce, a loss of your job, or perhaps even your own foolishness, you're going to have to start over again. You will need to prove to lenders that you are a good risk. This is going to take some time and effort on your part, but it can be done. Here are some good tips to help you get started rebuilding your credit after a bankruptcy.

Getting New Credit

Many people mistakenly believe that if will take 7 years after your bankruptcy before you can ever get any kind of a loan or credit card again. This is completely false. Did you know that many people come out of a bankruptcy with higher credit scores than they ever had in their financial life?

There is no real big secret to this. These people began paying their bills on time again. And they did it consistently month after month. To help begin rebuilding your credit you should consider getting one credit card as quickly as possible, even if it is a pre-deposit credit card. Many credit card companies will give you a credit card after a bankruptcy. You just need to do some searching.

Then make a few small charges to it and pay it off every month. Do not carry a forwarding balance. Simply pay it off every month. This will help rebuild your credit faster than anything else you can do after a bankruptcy. It shows lenders that they can trust you again. Then slowly begin building up to higher purchases and pay those off in a couple of months. Never only make a minimum monthly payment.

Pick Your Debts

Get a credit card to use at your local gas station or grocery store. Then begin using it instead of paying cash. Take the cash to cover these purchases and sit it aside. At the end of the month take the cash and pay off the credit card statement. This will go even further towards rebuilding your credit after your bankruptcy.

By following these steps you're going to be in a position of being able to finance a new car or home within a couple of years. You first just have to show you can be trusted to pay off your debts every month. Then you're showing you're responsible and you'll be able to make bigger purchases.

Insurance

Most all credit card companies offer insurance to cover your monthly payments in the event you lose your job. Be sure you take advantage of this insurance. If something unexpected does occur, then you're covered. Don't take any unnecessary chances with your financial future. You don't want to put yourself in the same situation as you did before. The cost of this insurance is very low.

Print article      Bookmark this page
Related Articles 
How to Find Good Liquidators (Popularity: ): Business have two directions—profit or bankruptcy. Once a corporate organization sustained its needs and produce profits despite of inconsistencies of market conditions, there is a no chance that they will declare insolvency, or the condition wherein their assets no longer exceeds their liability. However, if a corporate organization experienced difficulties in their business operation and it cannot adapt anymore to the drastic changes in market conditions, there is a higher ...
Edmonton Bankruptcy Series - The Appointment of an Interim Receiver in Edmonton Alberta (Popularity: ): While the use of an Interim Receiver is not seen often when dealing with consumer bankruptcies and proposals, the Interim Receiver can play a very important role when dealing with commercial situations. There are four times that you can see this type of appointment:1. After the filing of a Notice of Intention to Enforce Security but before the mandatory 10 day waiting period has expired;2. After the filing of a ...
Illinois Bankruptcy Laws (Popularity: ): Debt Relief Solutions - Understanding Illinois Laws about Bankruptcy Illinois bankruptcy laws for those residents who file Chapter 7 bankruptcy include exemptions as long as the person filing is a single person and the property is in their name only. This list is complete and anything not on this list will be liquidated if it has any value. If you are seeking more information about a specific case, you need ...
Property Exemptions as Per Connecticut Bankruptcy Laws (Popularity: ): In comparison to the other states of the United States of America, the Connecticut bankruptcy laws are different in a sense that the property exemptions for personal insolvency have been interpreted in Connecticut in a different way. Let me give you a brief insight into the same.Homestead Exemptions The homestead exemption under the Connecticut laws includes all the real properties, no matter, whether they are mobile properties or manufactured home. ...
Use Credit Card Debt to Prevent Bankruptcy, Not to Cause It (Popularity: ): Why not use credit card debt to prevent bankruptcy instead of causing it? Beating collectors is so easy to do there's no need to file chapter 7 or 13 and greedy collectors can even make you rich if you will just give them a chance. You might call it backwards thinking to fit an economy that's running in reverse.It's much easier to face a debt collector who may end up ...


Related Business 
R & J Legal Group, Ltd. (Popularity: ): R & J Legal Group, Ltd is a boutique Chicago-based law firm providing consumer chapter 7, chapter 13, and chapter 11 bankruptcy; corporate bankruptcy; commercial collections; creditor's rights services; as well as a wide array other litigation services. Bankruptcy is a valuable tool. Credit companies have lawyers working for them, so should you. Bankruptcy can stop foreclosure, stop repossession, stop payday loans, stop garnishments, eliminate credit card debt, get your ...
SLC Bankruptcy | Affordable Bankruptcy Advocates (Popularity: ): Best bankruptcy legal services in the Salt Lake Metro area. Let SLC Bankruptcy help you get back on your feet! Free Bankruptcy Consultation. Contact us today.
WFB Credit Attorney (Popularity: ): After filing bankruptcy, you may become debt free. No more calls, no more lawsuits. Suddenly, the worlds feels a bit brighter and filled with possibilities. Filing bankruptcy is not failure. It is a unique financial planning tool that can change your life. But that word bankruptcy...When you think of the word bankruptcy, do you get a sick feeling? It is okay; most people do. No one looks forward to filing ...
Credit Repair Info (Popularity: ): Need HELP with Credit Repair? Need to BOOST your FICO? Not sure how to correct those blemishes? Considering bankruptcy? Have Bad Credit but need a Credit Card, a Loan or a Mortgage? Maybe you have NO Credit and don't know how to build it? We can HELP with all your Credit Repair needs!
Credit Repair Texas - Impac's Solutions (Popularity: ): Many people are being burdened with a large amount of unsecured debt. This has resulted in missed payments or non-payments which are negatively affecting an individual's credit accounts and their credit reports. With credit repair Texas, you may have the opportunity to rectify your financial issues so that you can begin to recover from the adverse effects of not being able to meet your financial obligations. Credit repair Texas could possibly ...
Bankruptcy Attorneys Hicksville (Popularity: ): Bankruptcy Lawyers Levittown assist, if you have been facing high credit card bills and other forms of debt and find yourself suffocating with these bill and payments with no relief insight, then bankruptcy may be an option for you.
Orange County Bankruptcy Attorney (Popularity: ): Eliminate credit card debt and get a financial fresh start through bankruptcy. Call for a free initial consultation with a California bankruptcy attorney.
Bankruptcy and Personal Injury Legal Advice (Popularity: ): Mark McClure, an attorney who assists people who need to file bankruptcy in Kent Washington, bankruptcy in Seattle Washington, bankruptcy help in Renton Washington, bankruptcy help in Covington Washington, bankruptcy help in Seattle Washington, Bankruptcy help in Auburn Washington Bankruptcy help in Maple Valley, Bankruptcy help in Tacoma Washington, Bankruptcy assistance in Pierce County Washington, and bankruptcy protection in King County Washington.
Law Office Of Sohrab Tahvildaran (Popularity: ): We are a Bankruptcy and Debt law office located in Orange County, California that practices Chapter 7 bankruptcy, Chapter 13 bankruptcy, and Foreclosure Relief. At the Law Office of Sohrab Tahvildaran we understand the hardships associated with filing for bankruptcy. Financial stress can be devastating and at our bankruptcy and debt attorney office in Orange County, we can help you get your life back on track. We help clients get ...
Guaranteed Business Loans Bad Credit (Popularity: ): Get fast bad credit business loans with quick funding approval and at an affordable rates. Get your business credit repairers with quick financing solution! We offer innovative business credit solutions in form of bad credit business loans for your business even with less-than-perfect credit history. We take into account of your business strengths not just the bankruptcy or delayed credit card payments.