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Post Bankruptcy Action Plan

Pull Your Credit Report. We suggest to our clients to pull your credit report about 6 weeks after you receive your discharge letter. There will almost always be some errors still on the report and it is better to resolve these matters immediately after bankruptcy rather than waiting years before reviewing your report.

Manage New Credit Wisely

Borrow in Small Quantities: The best ways to rebuild credit after bankruptcy is to start rebuilding it with the help of very small credit facilities. You can use some small credit cards such as a department store card or a simple gas card. You may also proceed to use some simple universal cards such as the debit card. Join a Credit Union as these institutions offer much better rates on credit card and loans than conventional banks.

Save Up: Save the remaining amount of your salary in a savings account. This is basically an emergency fund and use it "only during an emergency".

Sign up for one credit card: If you have only been using department cards a secured credit card is a good option. You can use your savings account as collateral to get the secured credit card. Make the best use of your credit card each month and also make it a point to make timely payments. The best way is to make all bulk expenditures with the help of this card, but it should not exceed your debt to income ration.

Zero Down Your Expenses: There are countless ways to rebuild credit after bankruptcy, however it does not mean that you overspend your expenditures. Call and ask the cable company for their latest deal. Check out cheaper landline rates or simply get rid of your landline.

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