BANKRUPTCY UPDATES

• Taking Your Credit Score from Bankrupt to Perfect 10 (May 21, 2012)
• Music Storage Website MP3Tunes.com Seeks Bankruptcy Protection (May 22, 2012)
• Book Publisher Houghton Mifflin Harcourt Files for Bankruptcy (May 17, 2012)
• Las Vegas Tycoon Lists $500 Million in Debts in Bankruptcy Filing (May 15, 2012)
• Nassau Broadcasting Sells its Assets in Bankruptcy Court (May 22, 2012)

Getting a Personal Loan After Bankruptcy

Many people who are thinking about filing for bankruptcy are concerned about whether they can get a personal loan after bankruptcy is completed. Will they be able to get their credit back to desirable levels? Can they stay out of debt once they have had their debt discharged or completed a debt repayment plan?

The answers to these questions will of course vary from one individual to the next. But there are ways to stay out of debt and to rebuild credit after bankruptcy is over.

A bankruptcy attorney may be the resource you are looking for if you want to learn more about the process. An attorney can advise you on whether you're eligible for bankruptcy and about which type of bankruptcy may be suitable for your situation and may offer advice about next steps to take.

If you would like to talk with one of our sponsoring attorneys, please fill out the free case evaluation form below to arrange a free consultation today.

Credit After Bankruptcy

Many people who decide to file for bankruptcy have such problematic credit that they are relieved to start the bankruptcy process. Often, whatever credit they emerge with is an improvement on the credit they started the process with. But rebuilding credit after bankruptcy still takes work. Getting to a point where you can qualify for personal loans for houses or cards often takes good credit.

A bankruptcy will stay on your credit report for up to 10 years before it disappears, but credit typically could be improved even a year or two after the process is complete, depending on how bad it was to begin with and the steps taken after bankruptcy. To do so, you will likely need to plan carefully, and make sure to monitor your credit.

For starters, you can try to build a credit history that includes different kinds of credit, from personal loans from a bank or credit union to credit cards and car loans. This can often help your credit score, so long as you're able to keep up with payments.

You may also want to stay up to date on the little things that might escape your attention, like unpaid parking tickets, library fines and other small fees that could build up and be a problem when private debt collectors show up.

Staying Out of Debt After Bankruptcy

Rebuilding credit is one part of a larger process of financial success after bankruptcy. Other steps to stay out of debt after bankruptcy include controlling spending, creating and sticking to a budget, and saving money. These are the cornerstones of a successful emergence from bankruptcy. After all, you don't want to repeat the same mistakes again.

Learn More About the Bankruptcy Process

If you want to learn more about the bankruptcy process, you may want to talk to one of our sponsoring bankruptcy attorneys. To make contact, please fill out the free case evaluation form below, and we can put you in touch with a bankruptcy attorney.