Life After Bankruptcy

When you receive a discharge of your debts from the bankruptcy court, that means your case is concluded and you can begin to enjoy a fresh start in your financial life.

Second chances are a big part of what America was built on and still remains as strong tradition in the United States. At this time, you will have an opportunity to begin building for your more secure financial future, including saving money and rebuilding your credit.

After your bankruptcy is concluded, you may want to repair and rebuild your credit. The biggest thing that you can do to rebuild and repair your credit is to pay your remaining bills on time. This would include paying your mortgage or rent on time, paying your car, phone, electric and other utility bills on time, all of which can contribute toward rebuilding your credit.

Another option you may have, is to get a secured credit card. This is a credit card issued to you by a bank, where you send them up-front, how much money you want for a line of credit. You make charges on the card and get a bill, just like a regular credit card. You pay the bill on time every month and after making several payments on time, you can ask the bank to turn that credit card into a regular, unsecured credit card. Doing this can help you rebuild a positive credit history. This process does not happen overnight, but if you are taking steps in the right direction, your credit will improve over time. One of the biggest benefits going in your favor, is that new credit card companies and lenders will know you have concluded a bankruptcy and essentially have no more debt, so you are viewed by them as a person with little or no more debt, which is a good thing.

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