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Can you get credit after a bankruptcy filing?

There is a lot to consider before filing for bankruptcy. One of the most important things to realize is that this will make it more difficult to secure credit in the future.

Although you are facing an uphill battle after filing for bankruptcy, there are steps you can take to re-establish good credit. It will take some time, but the right approach will put you on the right track.

Here are some things to think about:

-- If you kept your house in bankruptcy, you have an advantage. Make sure you pay your mortgage in full and on time, as this will improve your credit. This only holds true if you reaffirmed the mortgage during your bankruptcy case.

-- Ask your landlord if your payments are reported to the credit bureaus. This is not always the case, but you want to know where things stand if you're renting.

-- Don't rush the process. For example, you may need to use a secured credit card at first. This may not be ideal, but it's all part of the process. As long as you stay on track, things will get better with time.

Simply put, you can get credit after a bankruptcy filing. This doesn't mean you can purchase a home or car the day after a discharge, but you will be able to take small steps as the days go by.

Don't assume that this is too difficult to do, as this mindset will hold you back from reaching your future financial goals. Instead, implement a plan for building your credit over time.

Source: Bankrate, "Life after bankruptcy," accessed June 30, 2017

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