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It takes a lot of time and patience to bounce back from bankruptcy, but it can be done. Your path to recovery could take seven to ten years, but your credit can become great again. You just need to truly understand how this came about, set realistic goals, and take it one thing at a time.

As you strive to re-establish your credit, you first need to realize your budget, pay bills in a timely manner, and live within your means. Really distinguish between needs and wants. Keep priorities in place.

If you are able to obtain a credit card, make small purchases and pay them off completely at the end of the month. Think of them as thirty-day loans. Little by little your credit score heals.

You may not be eligible for a regular credit card.

After bankruptcy, a secured credit card is a good starting point.

It works differently from traditional credit cards. You provide the bank with a security deposit for a line of credit with an amount that is secured. It is crucial to pay on time. Any late payments set you back, eliminating any gains you’ve been making.

Here, with this type of credit opportunity, if you don’t make your payments, the bank then takes that deposit. The bottom line, the world is learning to trust you again. It has to be proven and earned. This is a great opportunity to rebound. It is just crucial that payments are a priority for the first of every month. Any late payments or missing payments will set you back, reducing your credit score even more.

Following this success, you could obtain an unsecured credit card. Shop around though. Some offers have high-interest rates, others give you a break with a clean slate, offering better terms. Banks often charge an annual fee for the use of their card.

This helps to limit financial liability with default. There usually isn’t a deposit required for a higher interest card. Here again, it’s an opportunity to prove yourself, charging small amounts and showing responsibility with prompt payments.

The goal of bankruptcy is to provide debtors with a new beginning. If you are drowning in debt and overwhelmed with your finances, bankruptcy may be an option for you. The bankruptcy attorneys at Hines Law are experienced and committed to doing what is best for your situation.

Call Hines Law today for a Free consultation, we are here to help!