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Is rebuilding good credit following bankruptcy impossible?

Although people who have filed for and gone through the process of bankruptcy do indeed take some losses, most of them carry on in their post-bankruptcy life by doing what other people who have faced hard circumstances do: They move on. They pick up the pieces, rebuild and forge brighter futures.

As a practice page on our website at Kingcade & Garcia entitled “Rebuilding After Bankruptcy” notes, “Most people think declaring bankruptcy means long-term financial ruin.”

That is flatly erroneous thinking and a clear misconception regarding the bankruptcy process and what is possible for most debtors following a bankruptcy filing.

Although bankruptcy is certainly not a game, there is nonetheless a blueprint associated with it that will reward filers who follow certain guidelines and recommendations after they formally invoke the process.

In other words, there is a game plan for restoring solvency, and it routinely works for millions of people. All that it requires is some sustained effort and a bit of consistency in application.

Here’s a core aspect of that blueprint: Be smart with that low-balance credit card you’re likely to be offered following bankruptcy. Small purchases and regular payments on that card will assuredly result in a steadily improving credit score. Over time, that in turn results in higher credit limits and more attractive purchasing options for many people.

And here’s another simple tip for rebuilding credit: Stay timely on rental or home payments.

There are many sound ideas that, when acted on by a bankruptcy filer, can help to steadily rebuild credit scores and limits. An experienced debt-relief attorney can discuss them with a client and help him or her get on a solid track toward financial freedom after bankruptcy.

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