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After filing bankruptcy, will I ever get credit again?

It is important to know that once your bankruptcy petition is filed, mounds and mounds of fear, anxiety, depression and worry will leave you.   And it IS possible to repair your credit.

Bankruptcy is a great solution to debt. It helps people get back on their feet. It literally allows them to restart their financial life.

About 60 days after the debt is discharged…Credit card offers will soon arrive. You might think, but isn’t that a bad thing? This person just filed bankruptcy, wouldn’t it be a trap to get more credit?

It may seem that way, but it is very important for a person to rebuild their credit once their debt has been discharged. There is credit and there is credit abuse. I’m advocating that establishing credit again is important especially if:

  1. You need to buy a reliable vehicle
  2. You would like to buy a home
  3. You have children or family and may need to travel and rent a vehicle
  4. You want to apply for student loans or co sign for your child’s loans

Here are some tips to responsibly and successfully rebuild credit:

  • Pay your utility bills and rent on time for at least a year
  • Open a checking or savings account. Lenders may look at this to determine if you can responsibly handle money.
  • Find a friend or relative to cosign for you on a loan and pay it on time.
  • Look for car dealers and mortgage brokers that attest to be “bankruptcy friendly”.
  • Buy a used car so you do not get hit with the depreciation that occurs during the first two years of a new car purchase.
  • Stay away from payday loans that are high interest rates and are a “bad credit” trap.
  • Write a letter to each credit reporting agency explaining the circumstances that lead to you filing.
  • Live within your means.
  • Pay your reaffirmed, pre-bankruptcy debts on time.
  • Apply for store and gas credit cards that you would normally pay cash.

There is a life after bankruptcy. And, what a life it can be!

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