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Rebuilding Credit After Bankruptcy
Since this is a new blog, I’m going to try to start out hitting for the bleachers with my first post. One of the reasons that many people are so hesitant to file bankruptcy to get out of their current debt situation is that they are concerned with what it will do to their credit. The problem is that there are so many people who don’t know what they’re talking about trying to provide advice. Well, I’m going to denounce a lot of what you’ve heard. Yes, it is more difficult to get credit after bankruptcy, but no, it’s not impossible. Yes, your credit score will take a major hit, but if you start rebuilding right away, then you can bounce back up into the 700’s relatively quickly. Yes, a bankruptcy is supposed to stay on your credit report for 10 years, but there is no law requiring that.
I’m going to make it plain and simple for you. Yes, you can come back from filing bankruptcy very quickly, if you’re willing to put in the work. It involves a little rebuilding, a little repair, and a little luck, but it’s worth it. There are ways to even remove the bankruptcy completely from your credit report, and we’re eventually going to touch on that in this blog. If you put in the work and dedication, then it’s possible to get your score back into the high 600’s or low 700’s within 1 - 2 years from your bankruptcy.
The absolute MOST IMPORTANT thing that you have to be aware of, though, is that you learned your lesson about what got you into the bankruptcy in the first place. The laws exist to help you out in the event of mistakes, or activities that happen outside your control. If people take advantage of them in an effort to get free stuff, then those laws will change and make it harder for those of us who need the second chance. Don’t go into credit repair without first realizing why you have to do it. If you do, it’s just going to be a never-ending cycle, which is what we all want to avoid.
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