It’s a difficult decision and most times you are forced to file for personal bankruptcy because of business failure or job loss.
Before the bankruptcy maybe the scores floated between 685 and 785. After the bankruptcy, scores can plummet to the low to mid 400s. Now it’s time for some rebuilding.
Keeping accounts current
You can keep you car payment thru a bankruptcy, and continuing to make recurring, on-time payments, this will quickly help out your credit and score.
Applying for new credit
Ask a parent to co-sign on a credit card. Put small expenses on the card and then pay them off in full and on time each month; this will also help restore your credit.
If there is no cosigner available, obtain a secured credit card, which some only require a $50 deposit for a $100 limit. Every month, pay it off right away. Within about six months, credit scores can be back up to 620.
Wait it out
Two years after filing you will be able to close on a home using an FHA loan.
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