Life After Bankruptcy Filing

Life After Bankruptcy Filing

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Once you file bankruptcy proceedings, life will not remain there and will move forward as usual. You have to possess enormous self-confidence and self-assurance to get on with life even after bankruptcy. After all life is a dynamic activity and this hope must be with us throughout our life. Without hope, you can’t lead life. The trying times of bankruptcy must be forgotten as quickly as possible, to lead a normal life after its filing. There is no doubt it will be difficult, but the optimist in you must take over you to defeat the despairing signals emanating from inside.

Building a credit history: The first thing you need to focus after bankruptcy is on building up a good credit history. You have to take small and incremental steps and eliminate the earlier mistakes committed in your life to build a creditable credit history. You can find several credit card companies offering credit cards to people who are declared bankrupt. This will set the ball rolling again and by sticking to the credit norms effectively, you can build your credit history again. Initially you can begin with a secure credit card which is easy to get at any point of time by any people. This essentially means a credit card based on a security like bank deposit or home.

Eliminating bad reports: Even after you are declared bankrupt, some of the credit rating agencies will not remove the debts present in your account, which should be automatically done under federal laws. You have to physically inspect all the credit reports given out by various agencies and check for the veracity of the reports. If your name is still on their reports, make sure they remove your name. You can send a requisition asking them to correct the mistake and if they still continue to include your name, you can take the help of law to rectify the mistake. If you ignore the wrong reports, it may harm you immensely when you try to build up your credit rating again.

Way forward: Even after securing a card, make sure you utilize it prudently and eliminate the same mistakes committed earlier. Another alternative lies in purchasing any goods by cash only. This gives an exact financial picture and the true amount you have with you, because credit cards lull you into a false sense of security. The problem with credit cards is that they will encourage you to spend much more than you can afford and only postpone the actual payment of money.

Once you build your credit history with an impeccable track record, you can always go in for a housing mortgage loan or a car loan. There lies no provision in law to prevent any one from offering a mortgage loan to you, even after you have filed bankruptcy,

It all depends upon the steps you take after bankruptcy that decides the direction your life goes. You will have enough opportunities to lead a normal life after bankruptcy and your destiny lies in your own hand.

You can consider it as a stepping stone to improve your credit history by following the points mentioned above and once it is done, then you are a free bird as coming out of bankruptcy gives a feeling that you have just been freed from colonial rule and you can very well see the changes that it brings to life. The bankruptcy lawyers san diego are always up on their job but at the same time treat their defaulters with an iron fist of sorts in order to keep them in check so that they don’t try to commit fraud as far as legal formalities are concerned.