Recovering from Bankruptcy
A bankruptcy is often viewed as a loss, even though the person filing is gaining a discharge of debt. Many people go through the five stages of grief and need support as they emerge from the bankruptcy process.
Our society has put such a negative spin on bankruptcy that individuals who are forced for no fault of their own to file bankruptcy may be burdened with failure and self-esteem issues. Recovery from bankruptcy has been achieved successfully by many.
Your credit score will go back up as you rebuild it. After bankruptcy we are allowed to place an explanation of why bankruptcy was filed in the credit report. Then it is important to make sure that all pre-bankruptcy items are reported as discharged in bankruptcy. If any erroneous item still reads delinquent, then write the credit reporting agency and dispute the entry in writing and ask them to update it. They are required by law to correct the entry within 30 days. Once your credit report is accurate, take out a credit card and pay it off every month and never be late. It is the consistency of on time payments on all obligations that will rebulid a good credit score.
With diligence a good score can be rebuilt within two years after bankruptcy.
Carolyn Chesnutt