Common Mistakes to Avoid After Bankruptcy
AND
Best First Steps for Getting Credit After Bankruptcy

excerpted from Bounce Back From Bankruptcy: A Step-By-Step Guide to Getting Back On Your Financial Feet; by Paula Langguth Ryan

Bankruptcy is probably the hardest financial decision you’ll ever face. Whether you’re still figuring out if bankruptcy is the right option for you (see How to Know if It’s Time To File Bankruptcy) or you have already filed a Chapter 7 or Chapter 13 or had your bankruptcy discharged, there are a few common mistakes you should avoid and a few important steps to take depending on where you are in the process.

Bankruptcy can either be a fresh financial start for you or it can be the start of the biggest financial nightmare ever, whether or not you ever want credit again. To make sure you truly get a fresh start after bankruptcy, start by following the tips listed below. For more detailed strategies, subscribe to the monthly Inner Transformation e-zine (fill out the box above, right). And for the most in-depth tips, strategies and tools for getting credit cards, car loans, mortgages and more, get your very own copy of the mini (48-page) Do’s and Don’ts of Bouncing Back From Bankruptcy (available instantly as an e-book for $12.95) or the full Bounce Back From Bankruptcy: A Step By Step Guide to Getting Back on Your Financial Feet (paperback or e-book, 272 pages; $19.95). Most people order the smaller e-book AND a copy of the larger paperback book. That way they can get started with the basics while they’re waiting for their book to arrive! SAVE MONEY AND ORDER BOTH HERE!

Best First Steps for Getting New Credit After Bankruptcy

Common Mistakes to Avoid After Bankruptcy


  • DO Get copies of your credit reports from all three major credit bureaus once your bankruptcy is 90 days old. Make sure the accounts you included in your bankruptcy are listed as discharged. (The best way to do this is outlined in the books, but you can start by mailing in a request using the free form you can download HERE)
  • DO Get a secured credit card – but make sure the card issuer reports your payments, offers a grace period, and doesn’t report your card as secured. (The best ones are listed in Bounce Back From Bankruptcy.)
  • DO Set up a DebtBuster Strategy for your undischarged debts – and pay them off as quickly as possible. (strategy is detailed in the book!)
  • DO Wait at least a year if possible before applying for a mortgage or car loan to get the going interest rate. (There are ways to apply sooner and get decent rates, but this is the best way to get the lowest rate!)
  • DO Call a credit counselor and cut up any new credit cards if you find yourself carrying balances again. (Seriously – and read the free report on How to Select a Good Credit Counselor before you commit!
  • DO Take steps to heal your relationship with money so you break the cycle that got you into debt. (Grab a copy of the free workbook on how to Heal Your Relationship With Money OR snap up the Break The Debt Cycle — For Good! PDF workbook and MP3 audio files!)


Unless we learn from our mistakes, we’re doomed to repeat ’em.

You can be your own worst enemy after bankruptcy, or you can be the best guide you’ve ever had. For instance…

  • DON”T Jump at every credit offer that’s mailed to you. You’re better off seeking out a good secured credit card on your own.
  • DON’T Reaffirm or keep debts that aren’t essentials – only reaffirm debts on your car, mortgage and major appliances.
  • DON’T Let future creditors shame you into paying a higher interest rate because of your bankruptcy. Once you’ve paid regularly on a secured card for a year or more, you’re eligible for the going interest rates for car loans and mortgages.
  • DON’T Take out a car loan for longer than two years right after your bankruptcy – your risk of becoming “upside-down” on your loan, owing more than the car is worth is too high. Only buy as much car as you can afford right now.
  • DON’T Go to “bad credit – no problem” lenders or use “payroll advance” loans. These creditors will bleed you with outrageous interest rates.
  • DON’T Allow the mistakes of the past to determine your financial future. Consider a post-bankruptcy financial review to figure out your next best steps

@ 2011 Prosperity Books & Seminars Division of CM Press/Prosperity Books & Seminars

Bounce Back From Bankruptcy; $19.95 plus $4 s/h, CM Press, 1121 Annapolis Road, Suite 120, Odenton, MD 21113 ORDER NOW! (Also available as an e-book for $19.95 – you save shipping and get it immediately!)

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Do's and Don't of Bouncing Back From Bankruptcy


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Most people order the smaller e-book AND a copy of the larger paperback book. That way they can get started with the basics while they’re waiting for their book to arrive!
SAVE MONEY AND ORDER BOTH HERE!