While bankruptcy can be a scary and devastating time financially, there is recovery and hope for building credit once again after the bankruptcy is over. If you have gone through bankruptcy it is of utmost importance that you start working to reestablish your credit and make sure you keep your credit report looking clean. Bankruptcy is in your past, and once it is over it is time to start moving in a positive financial direction. The following are a few ways that you can work to recover after filing for bankruptcy.

Bank Accounts

If you open a bank account, such as a savings or checking account, it can help show prospective lenders and even prospective employers that you are working to properly handle you money and that you are serious about keeping your finances in control.

Gas and Store Credit Cards

Many times it is fairly easy to get gas credit cards and store credit cards and using them to purchase clothing, groceries, or gas and then paying them off immediately is a great way to start rebuilding your credit. Only use this option if you are seriously going to pay them off regularly or you could end up in financial trouble again.

Pay Bills on Time

If you are paying rent, or if you have electric, water, and phone bills that you pay, be sure that you pay these bills on time all the time. Paying your bills on time for a full year can significantly help in rebuilding your credit after bankruptcy. Lenders will see that you are handling your financial obligations responsibly and that you are paying all your bills on time each month.

Co-signed Loans

If you have a family member or even a friend that has good credit and is willing to co-sign on a loan for you, it can help you improve your credit after you have gone through bankruptcy. Once you have the loan, make sure that you pay your payments on time and also work to pay off the loan as early as possible, which will help to improve your credit.

Lenders that Deal with Bankruptcy

If you need to purchase a home, a vehicle, or even apply for a credit card, be sure that you look for lenders that will deal with people who have experienced bankruptcy in their financial past. If you are able to get a loan or a line of credit and then pay it monthly, it will help to establish your credit again.

Budget

Once you go through bankruptcy you will want to make sure that you develop a budget and make sure that you follow it all the time. It is important that you spend no more money than you make to avoid the trap of getting into debt once more. If you stick to the budget you have made up, you will be able to start establishing a positive credit history after bankruptcy.

These are just a few tips that can help those who have dealt with bankruptcy in the past and are now ready to move on to a better financial future. You can go on after bankruptcy and reestablish your credit by following these tips that will help you accomplish your financial goals.