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Recover from Bankruptcy

Each individual’s recovery from bankruptcy is different and involves a variety of circumstances.

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Due to the perceived credit risk, financial institutions may not consider the loan applications of someone who has filed for bankruptcy within seven years. If you have declared bankruptcy within the past seven years, following are general steps to repair your credit.

Be conservative with credit cards

You want to demonstrate that you have learned how to responsibly handle debt. The simplest way to do that is to be conservative with any credit cards you have and pay off any balance on-time, every month.

Pay your bills on time and keep your overall debt low

Your payment history is an important consideration for future credit applications. On-time loan and other payments show you are taking responsibility for your debt and making regular and timely payments. The less outstanding credit you have, especially on credit cards, the better your credit standing.

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