Life After Bankruptcy

Tips for life after bankruptcy relief

Too many myths - too many dire warnings - are simply not true. Primarily, these myths are promoted by self-serving creditors and credit card companies who hope to scare ordinary work-a-day people to prevent them from filing. Nevertheless, life after bankruptcy is no more and no less than what you make of it. True enough, filing will impact credit scores, result in modest increases in insurance premiums, and prevent employment with most banks and financial institutions for a period of ten years. In reality, these drawbacks must be compared with circumstances before filing, during which most people do not have access to credit or premium rates already.

Jump-starting financial recovery

Immediately after receiving a discharge, credit ratings drop. Yet simultaneously, past due reporting also stops and credit scores begin a slow but steady climb. With a well-laid plan, credit scores can be enhanced intentionally. Borrowing as little as $250 and repaying monthly immediately begins new, fresh, beneficial credit ratings. Build slowly. Always pay on time, increasing short term loans with each renewal. In as little as 2 years, most people actually improve their credit scores, which in turn, rebuilds opportunities to a much great level than before filing.