Bankruptcy Recovery

Recovering from bankruptcy is a lot easier than it has been in recent years.  I don't know if it's because bankruptcy is more common, or because the economy is so bad, everyone has poor credit.

In the old days there were standards for your credit score and a bankruptcy just flat out would get you declined for any type of credit.  Now, lenders tend to look at the whole picture and your credit score.  If you have a very high score, a bankruptcy may not bring it down to where you wouldn't qualify for anything.

And lenders have grown more knowledgeable about the bankruptcy problem.  A person who has filed for bankruptcy might be a better risk.  Who would you rather lend money to?  A person with $80,000 debt in credit cards, car loans, etc... ?  Or a person who has, shall we say, cleaned the slate, and is now debt free?

You should get a copy of your credit report and challenge anything that is incorrect.  Keep track of it since your bankruptcy and make sure you have only good items reported.  You can discharge a legal obligation but you can not change credit history.  You can file with New Orleans bankruptcy attorneys or Los Angeles bankruptcy attorneys and your history will be the same.  Your report is that history and you want it as accurate as possible.  Try to obtain some kind of credit even if it is a secured credit card.  This type of credit card will become unsecured after a period of time.

All in all, filing for bankruptcy is not the end of life as you know it.  Credit bureaus will count it less and less as time goes by.  You have a clean slate.  Now make the best of it.

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