Common sense alert!
Start at the beginning. Know what is in your credit reports. Obtain a copy of your credit report from each of the three credit bureaus and review your status. By going to annualcreditreport.com you can obtain a free copy of your credit report every 12 months from these agencies: Experian, Equifax and TransUnion. Review each report carefully and address any discrepancies.
Secured Debt: This is a safe and manageable way to get back into the credit game. Getting unsecured credit cards may prove to be difficult right after a bankruptcy, but secured accounts will be more readily available to you. A secured card requires you to deposit money into a bank account. If your account is good status over a period of time then your lender or others are more likely to extend unsecured credit cards to you.
If you use the credit card make sure you pay it off on time every time because your payments are added to that account’s history on your credit report.
As they say, a journey of thousand miles starts with one step. So go out there and take the first step. That first step might be evaluating your debt to income ratio and making the conclusion that filing bankruptcy gives you a fresh beginning. It is easier said than done, but be realistic about your financial situation and where you want to be in the future. Do not feel pressured by debt settlement companies, family or perceived social morals. Do what is best for you. At the end of the day it is your family that has to live with your situation.
This is a general overview and is not meant as a comprehensive discussion. For this reason and others, it is always a good idea to speak with a knowledgeable Maryland bankruptcy lawyer to get answers specific to your situation.
Joseph K. Githuku
Maryland Bankruptcy Lawyer
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Disclaimer: This article is provided for informational purposes only and should not be construed in any way as legal advice. This article does not create an attorney-client relationship.