After Filing Bankruptcy

Updated on June 11, 2011
L.C. asks from San Lorenzo, CA
8 answers

It's been a little over a year now since I had filed for Bankruptcy 7. I was just wondering if anyone has been in this situation before.

How do you rebuild credit again?

I've just been "starting all over again" after my divorce..saving..paying with cash...budgeting. Any ideas on how to rebuild again?

Thank you.

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answers from Dallas on

I recently was discharged from a chapter 7 bankruptcy. Capital One offers a card witha very low credit limit to start rebuilding your credit. I put gas only on it and pay it off at the end of each month. I figure its a start.

Good luck!

3 moms found this helpful


answers from Fort Wayne on

it takes time. be patient and pay more than owed and on time. My first hubby had to file and since I was married I was on the ride also. Even though nothing was in my name. It happened back in 98' and by about 02' I was able to get a cc in my name and buy a car on my own in 03'. Now I have a 750 score and keep everthing in budget. Do you have a cc that you did not have to turn over for the b13? if so keep the balance low and pay on it. also keep all of your utilities paid you will get back there in time. gl

2 moms found this helpful


answers from St. Louis on

Seven years hun! No I have never done bankruptcy but seven years no one, who doesn't want your soul, will touch you with a ten foot pole.

Interesting side note I learned in school, you still owe the money, they just can't collect it from you. Such a strange thing. :-/

2 moms found this helpful


answers from New York on

I filed for brankruptcy in Dec and it was cleared in Feb. Starting in March I started getting all kinds of credit card apps and letters to buy cars. As of right now I am not ready to go down that road again. About 5 years ago my parents were in a tough situation and filed. 1 Yr afterwards my mom bought a new car, didn't need a co signer and did just fine. She then applied for a credit card and she is able to keep it low and pays more then the minimum every month or if she is able too pays it off totally. It takes time to rebuild. Creditors see that you owe nothing and wants you to buy, buy, buy. Be careful and take your time and do nothing more then you can afford. Wishing you the best.

2 moms found this helpful


answers from Dallas on

I've not been through it either but Jo G is correct. Technically, you still owe, they just can't come after you.

A long time ago I worked in a bank and if there was a bankruptcy, everything was automatic "NO" and it stays on your record 10 yrs.

Just do the best you can to build good credit with anyone who will grant any type of credit. Be patient.

2 moms found this helpful


answers from Minneapolis on

Hubby just got his discharge from Chapter 7, he was told that he should get a secured credit card and use it and put more money into it and slowly over time they will increase his limit without him having to put the money into it first.

Right now we pay for everything with cash, if we don't have the cash we save up for it. When I get done with school and get a job we will probably go for a auto loan and granted we will have to pay the high interest rate we will do it.

1 mom found this helpful


answers from Atlanta on

Ouch! Although I understand why you did what you did-divorce usually does cause a bankruptsy and especially on the mom's-seems like the courts would take that into consideration....but whole other can of worms.

What is done is done -have you checked out Dave Ramsey? He has a book called the Total Money Makeover and also has these universities that you can attend and tools online via his site. My husband and I couldn't even afford the university but honestly we got a whole lot just from his book alone. I went to my local library and checked it out. I like Dave but I will say this about him. He is extreme and while I am ALL for that there are some things he suggested that just didn't make sense for us for our particular type of situation. However one of his suggestions is to have an emergency fund of $1000.00 I think it's $500.00 for single parents but we never ever ever had an emergency fund! We had savings but it would always get dwindled away and I accomplished that by setting up a totally different account at a different bank actually a credit union and they are local and not so convenient for us-so if we need the money-it's there but when you are "thinking" about spending it you remember Oh yeah I would have to go all the way to such and such and do this or that and you will usually talk yourself out of it. We just recently set up an Ingdirect account and now have set up a "fund" to build that up until we meet in the middle with the credit card company so that we can just pay it off in full. Then that payment will go towards the other credit card we got. It's sort of the same concept as Dave but not to a tee....however we are more aware and want more than anything to get out of this debt circle. Once the cards are paid off-never ever ever again. I will pay cash for everything! If im not mistaken in his book he talks about bankruptsy and Dave's favorite quote is " you don't need credit because if you pay cash for everything then you don't need the credit. I would advise you NOT to try and get anything on your credit even when you are capable again just for the sheer fact its too tempting. Live like noone else now so that you can live like no one else later on.

1 mom found this helpful


answers from Dallas on

That happened to a good friend of mine about 15 years ago. When filing was really unheard of in the general population. He went on to building his credit by opening up a credit card that was offered to him. About 9 year ago he was able to purchase a house. He did/does have a steady job and income for a while before he purchased the house. Now, I am not sure what the rules are now for rebuilding. Can you ask an attorney? Good luck!

1 mom found this helpful
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