Filing bankruptcy can be a difficult and trying process for anyone. At times the stress alone will seem overbearing. Remember though that once the bankruptcy is discharged you will have the relief of no longer legally owing your creditors that you filed on.

Life After Bankruptcy - How to Get Back on Your Feet!
By Shayne Sherman

Filing bankruptcy can be a difficult and trying process for anyone. At times the stress alone will seem overbearing. Remember though that once the bankruptcy is discharged you will have the relief of no longer legally owing your creditors that you filed on.

The first step of the healing process should almost always be to rebuild your credit rating so that you can move on with your life and not suffer with the negatives that come with having filed bankruptcy in the first place. Along with rebuilding your credit you should also look at repairing your old bad credit that is still on your credit reports. After bankruptcy your credit reports will be full of erroneous information. Your accounts will show the wrong statuses, balances, dates, etc. Fixing this alone will start you off on the right path.

One of the biggest benefits of repairing your credit after bankruptcy is the fact that a lot of your accounts that are reporting incorrectly will just fall off your credit reports! What happens when you dispute the errors on your credit reports, the credit agencies (Equifax, TransUnion, and Experian) contact your creditors one by one to resolve your disputes. More than likely since you have filed on the accounts a great majority of the creditors will not even respond to the credit bureaus. By law, if they do not respond your accounts will be removed from your reports! If they do respond your account will be updated to show included in bankruptcy with no balance. If the creditors respond to your dispute request and say that the accounts are reporting correctly and they are not, they are no in violation of the Fair Credit Reporting Act and you will have ammunition to have the account eradicated from your report or sue the creditor for violating the FCRA.

While you are working on removing the errors on your credit reports, you should also open 2 or 3 secured credit cards that will start to report positive credit back onto your credit reports. A secured credit card is a credit card that requires a security deposit. You give the card holder a few hundred dollars as a deposit and they in turn give you a Visa or MasterCard with a similar balance to the deposit that you gave. As you charge things and make payments the positive payment history will be reported to your credit reports. This along with removing negative items from your report is a one-two punch that will get you back on track in no time!
Remember a bankruptcy is something that no one is proud of, but you must take the steps to get back on track sooner than later. I have seen many a credit report from someone that filed bankruptcy that is a complete mess even 3 to 4 years later! You alone must take the steps to get your credit in order or you will be faced to living a subprime lifestyle forever.

For more information about credit after bankruptcy please visit my consumer credit report repair blog.

Shayne Sherman is the owner of several consumer credit repair blogs.

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