How To Recover From Bankruptcy

10 Point Guidelines

You can responsibly and successfully re-establish credit after bankruptcy. There are special loan programs that exist for consumers after bankruptcy. You will receive calls from various lenders to finance vehicles or credit cards for you. You can start your journey to a good credit through the following approach.

1. Pay bills on time: Pall your utility bills, mortgage or rent on time. Avoid late payments on any of your bill. Any late payment will likely show up on your credit. Pay all reaffirmed pre-bankruptcy obligations on a timely basis.

2. Secure a co-signer: Find a friend or relative to cosign for you on a loan and pay it on time. It will help to maintain a good saving account to avoid late payment. It will also be helpful if your co-signer has a good credit.

3. Open a secured card with your savings or checking account: Pay advances back on time over at least six months so that they will be reflected as positive on your credit report

4. Budget properly: Try to live within your means. Do not finance luxury items that you don’t necessarily need. Saving and depositing a large deposit will make it easier for you on your budget.

5. Get to know your credit report: It is very advisable to review your credit report once a year. Correspond with the various credit reporting agency to explain the circumstances that lead you to filing bankruptcy.

6. Do not bounce checks: Bounced checks are tracked by some credit union and can pose a problem when you try to obtain a loan.

7. Open and operate a checking or savings account: Some lenders may look at this to determine your ability to manage your credit. Maintain enough balance may booster your credibility.

8. Open store and gas credit cards: Local lenders familiar with your employer may extend credit to you. Large lenders may decline your loan since their decision will be based on your credit report.

9. Avoid payday loans: Some payday loans carry high interest rates and may cost you more and difficult to repay.

10. Avoid credit repair scams: Most do not work and can be very expensive. Put your money to a good use.


Our Bankruptcy & Personal Injury attorneys provide bankruptcy, personal injury accident services to Santa Clara County, Alameda County, Monterey County and Santa Cruz County areas including the cities of San Jose, Gilroy, Morgan Hill, Salinas, Monterey Valley, Sunnyvale, Cupertino, Campbell, Santa Clara, Milpitas, Fremont, Hayward, Union City, Oakland, Pleasanton, Antioch, Tracy, Los Gatos, Saratoga, Los Altos, East Palo Alto, Mountain View, Redwood City, and Santa Cruz

The information you obtain at this site is not intended to be legal advice nor to create an Attorney Client relatiomship. You should consult an attorney for advice regarding your individual situation. Please do not send any confidential information to us before establishing an attorney-client relationship. For a free case evaluation and consultation call 408-912-5983
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