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There is life after bankruptcy.
For the first time in a long time, you will not owe any money. You will not be subject to harassing phone calls & letters from bill collectors. Re-building your credit rating depends largely upon you.
You WILL get new credit after bankruptcy.
The fact that there is a bankruptcy on your credit record does not mean that you will never be able to get new credit. All it means is that you will need to put time and distance between yourself and the bankruptcy filing; remember that the decision to give new credit (including a mortgage or a car loan) is based on what you've done lately, not what you did five years ago.
Many of our clients have new credit in as little at 18 months.
We'll work with you to put together a step-by-step strategy for updating your credit report, re-building your finances and putting you in a better situation. In fact, many of our clients are able to get credit cards, home mortgages and car loans in as little as 18 months after bankruptcy.
Ten Steps To Re-Building Credit After Bankruptcy
1.- Open a checking or savings account.
2.- Pay your bills automatically from your checking account each month so that you can always be sure to remain current with new obligations.
3.- Ask your employer to take 10% of your pay check and deposit it into your savings account. This will help you save for emergency expenses.
4.- Once you have saved up three (3) month's worth of salary in your savings account, ask your bank for a secured loan against the account. Pay the entire loan back on time so it is reflected as a positive mark on your credit report.
5.- Pay your utility bills and rent on time.
6.- Stay away from payday loans.
7.- Live within your means. Do not unnecessarily increase your debt to income ratio by taking on credit to purchase luxury items that you DO NOT NEED. Your payments on consumer debt should equal no more than 20% of your expendable income after costs for housing and a vehicle.
8.- If you have any debts that survive the bankruptcy, pay them on time every month. This will show new potential lenders that you have the ability to repay your new debts on time.
9.- Check your credit reports every six months and make sure that all information is accurate. You should correct credit report inaccuracies so that potential new creditors will know which debts are no longer your responsibility.
10.- Minimize the number of inquiries on your credit report. Every time a potential creditor make an inquiry into your credit, your credit score can go down.
Filing bankruptcy is stressful, and it is not easy.
The decision as to whether to use an attorney should be taken very seriously. After all you will have many questions throughout the process and if you mess up badly, your case could end up being dismissed altogether. Because of the long-term legal and financial consequences, you need to strongly consider obtaining sound legal advice.
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