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Why do a Bankruptcy?

Credit Audit Verification, A GOOD 1st Move!
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Apart from the entire financial crisis it brings, the individual have to go through a lot of emotional distress as well. But it is in the best interest of the person filing to be able to regroup and start fresh. Many see this as a really bad phase in their life. They should try to forget about this as early as possible and get back to life. The road to recovery from bankruptcy is quite long and very difficult. The Credit Repair Law Firm Chartered can help.

After bankruptcy, you should meet with your creditors and make them aware of your situation. Depending on the type of bankruptcy filing, most of your assets can be liquidated, but you can take your car, furniture and some personal items at a specific value.  But all non-exempt liquid assets like cash or Certificate of Deposit must be handed over to court appointed trustee.

One of the first questions after the bankruptcy is how to regain credit. First task to accomplish is to obtain secured credit cards. This is a credit card secured by a deposit and will be eventually released, look at this as a long term savings account. After that come the loans you should be aware that it is virtually impossible to obtain any type of loan for 18 to 24 months of bankruptcy discharge. It is not even worth trying to apply for one unless there has been enough time to evaluate the payment history of the secured credit cards. Instead, you should work on improving your credit rating at this time. This is why it is very important to establish the secured credit cards so there will be history of the new accounts to determine your creditworthiness.
 
A few things which you can do to improve your credit score are given below:

  • Get a secured credit card. Use it to buy food and gas only
  • Pay all your bills on time - starting with cash instead of credit card for purchases
  • Keep track of your credit report.                                                                                                                                  

Reorganize your financial life after bankruptcy is difficult and requires determination and grit. Since the bankruptcy shows up in your credit history for next 10 years or so, it is very important that your recent credit history is clean. The information on your credit file needs to be accurate. The Credit Repair Law Firm Chartered can help restore your personal creditworthiness after bankruptcy.

 

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