Getting Back Your Credit After Bankruptcy, Some Tips Part I

26 Feb Getting Back Your Credit After Bankruptcy, Some Tips Part I

Let’s face it, times are tough and the future isn’t looking too bright. The U.S. economy is heading into a recession, and you’ve just received your discharge in bankruptcy.

Sure, things don’t look too promising right now, but, you are actually in the best position that you could be in. You may be saying to yourself, I never want to see another credit card or medical bill again in my life. Yea, we’ve all been there, but, think about it for a moment.

Your unsecured debts have been discharged, and you are getting a fresh start. You are never going to forget how having to file bankruptcy made you feel or how badly you beat yourself up for falling into the debt trap. I think things are going to change for the better. I believe there are going to be opportunities available for everyone out there with a good credit rating in the future.

But, you will have to stop kicking yourself and begin taking your future seriously. You will have to stop thinking about the past and start thinking about the future and how you will capitalize on the opportunities that will become available. You will have to start rebuilding your credit profile right now. Hopefully, you still have a car payment or a mortgage payment to help you rebuild your credit, but if not, that’s fine too.

The way I see it, you are in the catbird seat. You will have options available to you that many others won’t. If you decide to rebuild your credit now, you may be in the right place at the right time and be able to take advantage of the opportunities that will present themselves in the future. The question is: Where do I begin? The answer is right here.

First, you must go to, and and purchase your credit reports. It is critical that you start disputing anything and everything that is not 100% true and accurate. As any reputable lender will tell you, it’s not that you filed for bankruptcy, the question is what did you do after your bankruptcy that is important.

You may want to view other articles on, or on exactly how to handle disputes. But, you must get rid of all the bad stuff on your credit report.

Second, if you are keeping a car or a house or some other type of secured debt, it is critical that you keep the ongoing payments current. Your credit report will demonstrate your new credit history and your ability to handle monthly payments going forward. If you don’t have any ongoing payments, keep reading.

Third, keep some money in the bank. I know that sounds like a crazy idea, but after speaking with several lenders, they really wanted to know if the borrower has the ability to put money aside for a rainy day. It seems that it has been raining quite a bit lately, and the ability to put aside some cash is becoming more important to lenders. The longer you can keep it there helps as well.

Watch for Part II

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Carmen Dellutri is a proud member of the Florida Bar, and he is a Board Certified Consumer Bankruptcy Attorney, Certified by the American Board of Certification. He practices in the areas of Consumer Bankruptcy and Plaintiff's Personal Injury. He is the principal attorney at The Dellutri Law Group, P.A. The firm supports many charitable and civic causes by donating time and much needed capital to our community. Mr. Dellutri and the other attorneys in the firm routinely speak to students of all ages about various legal and societal issues.
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