Is it All Over After Bankruptcy?
No it definitely is not.
The truth is that many people have found themselves in such a difficult financial situation that bankruptcy was the only answer.
And those same people later recovered and now have very promising financial futures.
You can too.
It is true that bankruptcy can have devastating effects on a person's credit.
That is why bankruptcy is such a serious decision and a hard one to make.
However, it is possible to turn things around and put a bankruptcy behind you.
If you filed Chapter 7 bankruptcy then all your obligations have been wiped away.
Use this clean slate to start fresh.
Be sure that you keep all you expenses current.
Don't dwell on the credit that you've lost.
Concentrate on building good credit with the creditors that you still have.
Start with the electric bill, the cable and phone bills.
Be sure they are on time each month and being to reestablish your credit.
In time you will be able to take the next step and apply for credit.
You will more than likely have to start with a secured card which will require you to deposit money with the creditor.
But this is a good place to start.
A secured credit card will help you slowly rebuild your credit.
Be careful how you use it.
Have only one account and use it only when absolutely necessary.
Only purchase things that you have the money to pay for.
Do not allow yourself to be a credit purchaser anymore.
Your savings balance will increase and your credit improve.
Put yourself on a budget and be sure to plan for the unexpected.
Have an emergency savings that will be there if something happens that you were planning for so that you will not have to use credit.
Credit card companies have no regard for your desire to recover financially.
They will begin to inundate you with credit offers.
Do not fall into their trap.
You know where that will lead you because you've been there before.
If you feel ill-equipped to handle things on your own get some outside help.
A financial advisor can help you develop a plan to get you back on track and help you learn to follow it.
The truth is that many people have found themselves in such a difficult financial situation that bankruptcy was the only answer.
And those same people later recovered and now have very promising financial futures.
You can too.
It is true that bankruptcy can have devastating effects on a person's credit.
That is why bankruptcy is such a serious decision and a hard one to make.
However, it is possible to turn things around and put a bankruptcy behind you.
If you filed Chapter 7 bankruptcy then all your obligations have been wiped away.
Use this clean slate to start fresh.
Be sure that you keep all you expenses current.
Don't dwell on the credit that you've lost.
Concentrate on building good credit with the creditors that you still have.
Start with the electric bill, the cable and phone bills.
Be sure they are on time each month and being to reestablish your credit.
In time you will be able to take the next step and apply for credit.
You will more than likely have to start with a secured card which will require you to deposit money with the creditor.
But this is a good place to start.
A secured credit card will help you slowly rebuild your credit.
Be careful how you use it.
Have only one account and use it only when absolutely necessary.
Only purchase things that you have the money to pay for.
Do not allow yourself to be a credit purchaser anymore.
Your savings balance will increase and your credit improve.
Put yourself on a budget and be sure to plan for the unexpected.
Have an emergency savings that will be there if something happens that you were planning for so that you will not have to use credit.
Credit card companies have no regard for your desire to recover financially.
They will begin to inundate you with credit offers.
Do not fall into their trap.
You know where that will lead you because you've been there before.
If you feel ill-equipped to handle things on your own get some outside help.
A financial advisor can help you develop a plan to get you back on track and help you learn to follow it.
Source...