There exist a whole slew of financial options for those who have filed bankruptcy. This is even true for those who just recently filed bankruptcy. You need to take the important steps to make sure you do things right. Take the required amount of time to be sure you’re educated and make sure you get issues resolved. The bankruptcy is a brilliant option for being sure that you’re in a good situation.
Bankruptcy remains on credit for seven to ten years. Yet this doesn’t imply you will be required to wait and hold off obtaining and building and rebuilding credit for a full 10 years. Contrary to this myth about bankruptcy, although the bankruptcy itself stays on your credit for 7-10 years, the actual financial impact on your credit report will begin diminishing the second you make an on-time payment after the bankruptcy. In some situations, you might find that if you sync up with a good banker (we can recommend a handful of those who can help,) You can immediately begin rebuild credit on your credit reports as quickly as bankruptcy comes to completion. A large amount of ch 7 & ch 13 filings in bankruptcy
Steps to rebuilding credit during or after bankruptcy include the following:
- Apply to obtain a secured credit card. secured credit cards require you send them a deposit which they can use to offset your credit card balance if you never pay the balance.
- Don’t get duped into applying for a credit card that can only be used at their store. That is the case for a company like Wal-mart; however, the obtaining of this kind of credit would likely end up causing you call kinds of extra charges.
- Pay EVERY PAYMENT ON TIME AFTER BANKRUPTCY. If you remain diligent in the payment of your home mortgage, you might find that you have been given a credit card that is secured, Good luck! Contact an attorney for answers to your unique questions.