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FAST TRACK DEBT RELIEF ADVICE BLOG
APR 28, 2017, FRIDAY
Debt-Relief-Company--Fast-Track How to Rebuild Credit after Bankruptcy

Bankruptcy can help you get out of debt relatively quickly, but it comes with some significant trade-offs. While bankruptcy doesn't mean that you'll never have good credit again, it does mean that developing that good credit will take work. This process does not have to destroy your financial future. It is possible to recover and rebuild your credit after bankruptcy. The first step is to arm yourself with information.

 

There are two forms of consumer bankruptcy:

 

Chapter 7 Bankruptcy (Liquidation): This is the most common form of personal bankruptcy. Unsecured debts (mostly credit card debt), personal loans, and medical debt are all discharged. Assets may be taken as a result of this – things that are judged as luxuries – but most who file for this type of bankruptcy actually don't end up giving up assets. This is a testament to the reality that most who require bankruptcy don't do so because they've splurged on luxuries; they've instead fallen on hard times.

 

Chapter 13 Bankruptcy (Reorganization): Here, you repay your debt under a court-approved plan. This method may not resolve your full amount of debt, but it can. To qualify, your debt must be under a certain amount, and you have to be able to repay it over the course of 3 to 5 years.

 

If you haven't filed bankruptcy yet, examine all the possibilities. Start by consulting a debt relief company. Many who believe bankruptcy is the only option find a different way of handling debt: they work with a debt relief service to achieve a settlement.

 

Not everyone qualifies for debt settlement, and it does come with its own set of consequences. However, these usually are not as impactful or long-lasting as the penalties associated with bankruptcy. Debt settlement via a reputable company and declaring bankruptcy are two different tools that are useful for different financial situations. Investigate them both.

 

Now What?

 

Now that you understand the types of personal bankruptcy and the non-bankruptcy option available through debt settlement, here's the first thing you have to do to rebuild credit after bankruptcy:

 

Get your head in the right space. It's difficult. Nobody wants to file personal bankruptcy, but this doesn't mean that you've thrown your future away. It happens. It happens because people are hit with an unplanned emergency that ruins their finances. It happens because people lose their jobs. It happens because of medical debt. It happens because people aren't aware of the kinds of programs that are out there to help them. And yes, it even happens because people make mistakes.

These aren't things to be embarrassed about for the rest of your life. What's happened has happened. Now is the time to start building your finances - and your confidence - back up. You can't do that if you never forgive yourself and move forward. Here are some possibilities for what comes next:

 

  1. 1. Create a budget that helps you stay in control of your financial picture. The credit counseling you went through before bankruptcy will have taught you how to do this. If you need more help, talk to a credit counseling agency. These services offer folks free help to manage their finances.

 

  1. Begin an emergency fund. This is for unexpected emergencies: car repair, home repair, personal injury. Having an emergency fund you can tap into if something goes wrong helps you avoid running up credit again or – worse yet – taking out a payday loan.

 

  1. Credit reports will show your bankruptcy for 10 years after. If anything went to collection, these will also show for seven years after. Get your credit reports – there are free reputable resources available that provide one free credit report per year. Do not sign up with services that charge you money for these reports.

 

  1. Talk to your bank or credit union about how to rebuild your credit history. They may offer a secured credit card, with a credit limit equal to an amount you've put in deposit. Ensure that they report this credit activity to the three credit bureaus so it will be recorded. The goal here is to work your way back up to an unsecured credit card. It'll take a while, but once you get an unsecured credit card again, be very careful about how much you spend and make sure you can pay it back to zero at the end of every month.

 

  1. A co-signed credit card has a friend co-sign the card for you. This means that the co-signer is liable for the bill if you do not pay. Only choose this option if you intend to keep up your end of the bargain. Your friend/family member is taking a financial risk themselves to help you re-establish your credit. The last thing you need is to burn such a bridge. A friend who can help you when times get tough is far more valuable than a few non-essential charges.

 

  1. Alternately, you can become an authorized user on someone else's credit card. Again, don't take advantage of their trust – be able to pay your end. The goal here is to rebuild your credit, so make sure with the credit card company that your activity as an authorized user will be reported to the credit bureaus.

 

  1. You can also get a secured loan. This borrows against money you've already deposited. Remember that you won't be able to access your deposit while the loan is still out. The goal is to establish a record of timely repayment - and to get the bank to send a report about your payment history.

 

Don't try all of these steps at once – you'll very quickly get overwhelmed and may lose sight of your financial goals. Choose the steps that are best for you, and take it slowly – in a way that makes sense and that you can manage going forward. It is possible to rebuild your cre

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