Filing for bankruptcy will complicate the process of obtaining excellent credit, but it may also be an opportunity for a fresh financial start. Maintain a positive outlook and understand that filing for bankruptcy will not diminish your worth as a person.
A bankruptcy will likely remain on your credit report for as long as ten years. Additionally, it will leave a mark on your credit score and make obtaining excellent credit nearly impossible. All of these factors will impede any future purchases you make.
Due to the inability to obtain credit from banks and conventional creditors, you may be compelled to obtain loans. However, be wary of dishonest lenders who can defraud you out of even more cash with their flowery language and fine print.
Be especially selective in who you entrust with your finances. Avoid lenders who specialize in working with individuals with poor credit, as these companies are adept at taking advantage of such situations.
Determine to exist within your financial means. Simplify your life, decrease your expenses, and establish priorities. Give up some of the luxuries you once relished and make it a habit to invest the money in prudent financial decisions.
Exercise self-restraint. Exercise discipline. Remind yourself of the uphill battle that is filing for bankruptcy, and resolve to never place yourself in that position again. Once you are once again eligible for credit, choose a credit card with a low credit limit. This will ensure that you spend only what you can afford. Additionally, ensure that you pay your credit card bill in full each month. Finally, you may want to consider taking out a modest loan that you are confident you can repay on time and in full. This is an effective method for reestablishing credit.""
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