Now that you are debt-free, what happens next?
Most people feel great relief when a bankruptcy is complete. The battle to pay the bills is over. The creditor calls and letters have stopped. But then reality sets in: “How do I keep this from happening again?”
- Your credit rating won’t be strong right now – but it probably hasn’t been for a long time. The important thing is that now you can begin to rebuild your credit by making wise decisions.
- You may get credit offers that sound too good to be true. They probably are. A bill collector may use a credit card offer to get you to sign a reaffirmation agreement to pay back the debt that was just discharged.
- Beware of companies that claim they can erase your bad credit. All they can do is correct errors on your credit report – and you can do that for free.
- Avoid high cost loans and “secured” credit cards. In most cases, you will qualify for credit cards and loans at a reasonable cost.
- Don’t get pressured into buying something you don’t want or need – especially when it’s being sold on a monthly payment basis. Know the annual percentage rate, the length of the payments and the total cost.
Companies offering credit are being held to a higher standard now than ever before. Take advantage of that. Read the documents you are given. Make sure you understand what you are signing. Don’t ever feel pressured or rushed to make a decision right away.
Call 1-877-ONE-DEBT and talk to an attorney about a fresh start.
You can rebuild your credit after bankruptcy. You will find that many creditors want you to succeed and will be willing to help. If you are ready to file for bankruptcy or if you have more questions, ask for a FREE initial consultation at Bond& Botes.