What Kind Of Credit Score Is Needed To Buy Furniture Life After Bankruptcy Discharge

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Life After Bankruptcy Discharge

Life after bankruptcy can be very difficult. Apart from the entire financial crisis it brings, the individual has to go through a lot of emotional distress as well. But it is in the best interest of the person to look at it as a really bad phase in his life. He should try to forget about this as early as possible and get back to life. The road to recovery from bankruptcy is pretty long and very difficult.

After bankruptcy, you should meet with your creditors and make them aware of your situation. Most of your assets will be liquidated but you may be allowed to keep you car, furniture and some personal belongings up to a certain value. But all non-exempt liquid assets like cash or Certificate of Deposit must be handed over to court appointed trustee. This is one of the first issues which you will need to face after bankruptcy.

After that come the loans. You should be aware that it is virtually impossible to get any kind of loan till about 18 to 24 months of bankruptcy discharge. It is not even worth trying to apply for one. Instead you should start working on improving your credit rating during this time frame. A few things which you can do to improve your credit score are given below:

– Get a secured credit card. Use it for purchasing grocery and gas only

– Keep or maintain your job

– Pay all utility bills on time

– Start using cash instead of credit card for shopping

– Keep track of your credit report

– Rearrange your finances

Life after bankruptcy is hard and it takes determination and grit apart from just planning to rebuild your credit after bankruptcy. Since the bankruptcy shows up in your credit history for next 10 years or so, it is very important that your recent credit history is clean. This way you should have fewer issues living a normal life after being bankrupt.

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