Can You Rebuild a Your Credit After Bankruptcy?


by Oral Nicholson - Date: 2007-04-30 - Word Count: 498 Share This!

Once you have gone through Bankruptcy, some people believe that they cannot recover. But there is help, you can get your credit back and you can live again. After discharge of Chapter 13, you have the task of repaying that debt off and the task of trying to live. We are not going to lie to you it will be difficult and sometimes it may seem hopeless but it can be done with hard work and some changes to your monetary lifestyle. You will have an easier time if you have a straight debt rather than a home foreclosure.

One way to reestablish your credit is to get a prepaid credit card, you can keep any amount of money you wish, it works like a debit card but for a fee you can have the prepaid credit card company report to the credit card reporting agencies. It is a way to slowly build up your credit again. If you have a prepay cell phone you can do the same. Every time you get minutes and not go over and get minutes in a quick turn around time. It looks good on your credit report.

In time, you will be able to apply for credit and don't start with the huge limit cards, choose something with a small limit. Because of your other commitments to repayments of your debt getting another credit card should be the furthest thing from your mind. If you make your payments on time every month it will also look good on your credit report.

Some times bankruptcy is a blessing in disguise. It doesn't excuse your debt anymore but it allows you an option to pay if off and as you pay if off you can have your chance at redemption. By paying off your debt it allows you to successfully be responsible your actions of your finance yet at the same time it allows you to have to be responsible and take care of it.

If you have you a mortgage, then it will be refinanced and you will have a chance to keep your home and make your payments. The main requirement of all this reorganization of your debts is that you have to make all of your payments on time. That also will reflect on your credit report. Just like a regular credit card debt, it counts a lot for something when you pay your debt on time.

It is possible to reclaim your life after bankruptcy, courts allow up to 5 years for repayment so you can get an extra job or make a real effort to pay back on the debts faster than you anticipated. Not only paying on time looks great but paying the debt faster looks better. The most important thing to consider is cleaning up the bankruptcy first and then reestablishing your credit will come. It will take time but you will once gain what you have lost. Rebuilding is possible but takes your time and concentrate on your existing debt.


Related Tags: debt, credit, bankruptcy, foreclosure, prepaid credit card, credit card company, reestablish your credit

Oral Nicholson wants to show you how to repair your credit after bankruptcy and will show you proven techniques and strategies to get you out of debt if you haven't filed for bankruptcy. For bankruptcy information visit http://www.filing-bankruptcy.info

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