Bankruptcy can help you achieve the financial blank slate that you need to feel confident in your ability to meet your fiscal responsibilities. Unfortunately, some people are under the impression that filing bankruptcy means that you won’t have good credit again. This is a misconception, as you can start rebuilding your credit right after you have filed. While bankruptcy remains on your credit report for 10 years, its effects fade with time. Follow these tips to help rebuild your credit after filing bankruptcy:
Create a Budget
Creating a budget is an important first step to success. You should have received credit counseling as part of your bankruptcy filing process. If you have not, speaking with a credit councilor is a good idea. Another important step is to create an emergency fund. Having some money stored in case of emergencies is always a good idea.
Plan a Credit Strategy
Finding a credit card can be somewhat daunting after filing bankruptcy, but keeping tabs on your credit score is extremely important. Make certain that there are no negative errors in your credit reports. If there are, you should dispute them as they can make your credit situation more difficult.
Responsibly Develop Credit
Rebuilding credit can be somewhat difficult, but secured loans and credit cards as well as co-signed options allow credit companies to mitigate their risk allowing you to develop your credit more effectively.
Follow these tips to rebuild your credit after filing. To speak with a skilled bankruptcy attorney , contact Frances H. Hollinger today.