Credit After Bankruptcy

There is a many ways to rebuild credit after bankruptcy. Buying a used car after bankruptcy is one method for those who want to prove they can secure a loan and make on-time payments. Used car dealers are often more lenient in their lending practices, making the purchase of a used car possible after bankruptcy.

Dealerships sometimes penalize consumers for bad debts and bankruptcies, and if it’s not a major auto dealership, the interest rates may be higher, but individuals can use this type of financing to re-establish a sound car payment history.

Rebuild Credit After Bankruptcy

After bankruptcy, consumers should ensure that current reports accurately reflect discharged accounts. Go online and obtain free credit reports and scores from the three major reporting bureaus and review them carefully.

Contact Experian, Transunion and Equifax personally to ensure that any discrepancies, such as outdated filings and settled accounts are properly recorded. Timely payments with unsecured cards made available after bankruptcy also contribute to rebuilding positive credit histories.

Rebuilding credit after bankruptcy sometimes requires benefitting from someone else’s good credit. Financial consultants recommend asking a family member or friend to co-sign on a small bank loan and paying it off as quickly as possible.

But remember: co-signers are equally liable for unpaid bills; to avoid damaging a co-signer’s solvency, faithfully honor loan commitments.

Another tactic is to finance furniture and appliances on a 90-day-same-as-cash basis also affords an opportunity to demonstrate trustworthiness. Store records will substantiate consistent payments and can be used to validate a former debtor’s renewed reliability.

Once good credit has been re-established, take it easy. Consumers will have to take a good hard look at how they’ve managed money in the past and do away with poor practices before rebuilding credit after bankruptcy.

Use unsecured credit cards available after bankruptcy sparingly. Instead of spending money irresponsibly, establish a budget and stick to it.

Slow down entertainment, eat in, rent videos, instead of going to a movie. Join a warehouse shopping club and buy larger quantities of food, meats and household items, re-packaging them for later use at huge savings.

Once credit-worthiness has been restored, be determined not to fall under the seductive spell of impulsive buying again. Join a Christmas club plan to save year round for holiday shopping and avoid overusing charge cards.

There are many, many ways to rebuild credit after bankruptcy and when you learn all of them, it’s best to apply them immediately.

Consult with Florida Attorneys Lanigan and Lanigan

Winter Park bankruptcy attorneys Roddy Lanigan and Eric Lanigan work with clients and support them with answers provided personally. When you hire the Lanigans to handle your bankruptcy you won’t deal with anyone but the Lanigans. Personal attention, returned phone calls and paperwork.

The details are personally managed by Winter Park, Florida, bankruptcy attorneys Eric and Roddy Lanigan because they believe in follow up on details in the manner in which you expect them. There’s no paralegal or assistant taking care of your bankruptcy Chapter 7, Chapter 11 or Chapter 13. You’ll work with the Lanigans directly.