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Good news, you can still have a life after filing bankruptcy

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Despite the sinking feeling that your life is totally ruined by
declaring bankruptcy, there “is” life afterwards.

You have to expect certain consequences when you declare bankruptcy,
and one of them is a less than stellar credit rating. But, this is no
longer the kiss of death that it once was. Nowadays, it is what it is
and it happens to everyone, including stars, politicians and even
tycoons.

While most of us are not tycoons, we can indeed come back from the
crash and burn feeling engendered by bankruptcy. It just takes time,
perseverance and a plan that you stick to; a plan your Iowa bankruptcy
lawyer can help you draft. It’s very common for debtors to wonder if
they will ever get out of the black hole of debt. Yes, they can, and
with good planning, may re-establish their credit once again. Really,
bankruptcy is no longer a death sentence.

Be aware that there are federal laws in place that dictate how long
your bankruptcy stays on your credit file, and that it is the same for
all states. In other words, your credit report will show a bankruptcy
on your record for ten years. That may sound like a dismal scenario,
but consider this, if you buckle down and deliberately make a plan,
with the help of your Iowa bankruptcy lawyer and pay your bills, on
time, for at least 18 months, you can rebuild your credit rating once
again. It takes hard work, but the end results are renewed credit.

Getting even a part time job will also help your credit score. The
goal is to get steady work as soon as you can after declaring
bankruptcy and start rebuilding your credit history. You will need to
ask for your free credit report from the three main credit bureaus in
the US and check to ensure it is accurate. If not, get the mistakes
corrected.

Another step to take is to ditch any extra credit cards you may have
and just keep one or two. This sends the clear signal that you are
going to be more cautious in your spending habits. If you can’t get a
regular credit card, then apply for a secure credit card. All these
things will help to rebuild your credit rating.

There are a number of other things you can do, and they include
getting loan, making regular deposits to a savings account, etc. Sound
like hard work? It is, but you didn’t go bankrupt over night, and thus
it will take some time to build up your credit rating once again.

Kevin Ahrenholz is an Iowa
bankruptcy lawyer
and Iowa
bankruptcy attorney
. To contact him, visit
http://www.iowachapter7.com or call 1.877.888.1766.

Posted on Wednesday, October 12th, 2011 and filed under Bankruptcy.
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