What is a realistic time frame for rebuilding credit after a Chapter 7 bankruptcy?
With personal bankruptcy rates increasing, and bankruptcy becoming more common, it is much easier to recover from bankruptcy than in the past. Most lenders will use your credit score as calculated by the credit bureau, which doesnt place as much emphasis on a past bankruptcy. More emphasis is placed on your current ability to repay a loan. Lenders now recognize that once your debts are discharged, you are actually a better credit risk than someone who is still carrying their debts. It is possible to repair your credit score in as little as 6 months. If youre capable of saving money, try using that money as a deposit on a secured credit card, or even a car loan. With each month that goes by, your credit score should increase. If you are able to demonstrate the ability to handle money, your credit score should improve quite quickly. If you need more information on how to get back on track after bankruptcy, visit www.bankruptcy-america.
