There is life after bankruptcy. At King and King, we provide
practical support and coaching to help you navigate the process of repairing
and building your credit. If you fully embrace your bankruptcy as the “fresh start”
it is, you can position yourself to begin building real financial security,
protecting yourself against future financial chaos, and living life without all
the stress that comes from overwhelming debt.
Believe it or not, if you follow some simple advice you can
qualify for good to great interest rates within a year—saving you money on
credit cards and loans—and can even qualify for a home mortgage within two
years. Here are some of the ways you can restore your credit score after
bankruptcy:
Paying all your bills on time. This will take careful
budgeting and tracking on your part.
Obtaining a secured credit card, then charging small amounts
each month and repaying as agreed.
Signing a lease on a rental home, then paying your rent on
time each month.
Reviewing your credit report annually to make sure there
aren't any errors.
For some clients, buying a home within two years after your
bankruptcy, then paying your mortgage on time each month is an option.
It’s a common myth that just because your bankruptcy appears
on your credit report for up to 10 years, you won’t be able to buy a home for
10 years. Not true! In fact, it’s
possible to qualify for a mortgage within two years after filing for
bankruptcy. An FHA (Federal Housing Administration) loan, which is ideal for
people coming out of bankruptcy, is often more flexible than a loan offered by
traditional lenders.
With your overwhelming debt behind you, a solid budget
guiding you, and the responsible use of credit helping you rebuild your credit
score, life after bankruptcy can be extremely freeing and rewarding. If you’re
ready to get your financial life back on track, call King and King today at
404-524-6400 for a free consultation or visit us at
www.kingandkingattorneys.com
