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How to Recover From Bankruptcy

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How to Recover From Bankruptcy


Each year, almost two million people file for bankruptcy and the reasons they file vary widely. For some, the loss of a spouse’s income or unexpected medical bills may lead them to file for bankruptcy protection, while others may be dealing with a job loss or poor financial management.

Bankruptcy is designed to give you a fresh start, and, although it can remain on your credit file for up to ten years, there are things you can do to begin rebuilding your credit while the bankruptcy remains on your record.

What It Feels Like to Declare Bankruptcy

Filing bankruptcy may give you a fresh financial start, but that does not mean it is an easy process. Because it is a federal court action, your filing is a public matter.

Years ago in some areas of the country, courts were required to report the names of anyone who files bankruptcy in local papers, which means others would know that you  had to file. But that is no longer the case. These days the court will just notify your creditors.

Once the filing process is complete and you have attended the court hearings necessary for your bankruptcy, you can move forward with your life with a clean financial slate.

Tips to Recover from Bankruptcy

Bankruptcy halts the collection calls, reduces the stress you feel when you can no longer pay bills that you used to pay with ease and can actually provide you with valuable information.

Federal law requires that every person who files bankruptcy must undergo pre- and post-filing credit classes that can help you better understand your finances and keep you from making the same mistakes you made in the past.

After your bankruptcy is discharged, there are steps you can take to begin reestablishing your credit, even while the bankruptcy remains on your record. Some of these tips include:

  • Obtain a secured credit card. A secured credit card is similar to a debit card in that you place an amount on deposit with the bank that issues the card. Your credit limit is set at the amount of the deposit, although some banks require your limit be set at slightly less than the limit. Be sure that the bank reports your payments to all three credit bureaus.
  • Pay all your bills on time. This includes utilities, cell phones, rent or mortgage and car payments. Even one late payment can lower your credit score tremendously.
  • Develop a relationship with a local bank or credit union. Make an appointment to discuss your financial situation with a loan officer and let them help you build your credit. Often, local banks or credit unions have products designed specifically for those who have suffered financial setbacks.
  • Clear your credit report of errors. Be sure that all debts that were included in your bankruptcy have that noted on your report. All debts included in your bankruptcy must be removed from your credit file seven years after the discharge.

You may be eligible to apply for a home loan one or two years after your bankruptcy. The federal government has several mortgage programs designed specifically for those who have filed for bankruptcy as long as you have demonstrated two years of good financial policy.

Recovering from Bankruptcy

Bankruptcy may seem like the end of the world, especially if you have always managed your finances properly. However, there are ways you can begin to not only repair your credit after your bankruptcy discharge, but begin to take control of your financial life without the stress of bill collectors and past due notices.

If you or a loved one is suffering from financial difficulties, contact  the Law Offices Of Georgette Miller and Associates today to learn whether bankruptcy is the answer. Our experienced lawyers can explain the process and guide you through every step in order to create a brighter financial future for you and your family. Visit us online and complete the easy query form or call us at 1-866-964-6529