Bankruptcy Credit Secret - Restore Your Credit After Bankruptcy

Found this article on bankruptcy on the net somewhere, thought it might be suitable for this section.

If you absolutely must file for bankruptcy, do not despair. A little planning ahead of time and you can have your credit restored in just a matter of months.

Oh sure, your bankruptcy will still be on your credit record, but you will have something else that will convince your creditors that you are a good risk.

This is all you have to do, just be sure that you keep your payments current on at least one of your major credit cards, such as Master Card or Visa. DO NOT MAX OUT THIS CARD. In fact, do not owe a dime on it at the time you go to court, then you can honestly say that you no longer owe anyone. You want to appear as if your only source of credit is impeccable.

When you declare bankruptcy, do NOT include this card in your list of debts to be "forgiven" as they say. Don't even mention this one to anyone.

Once you have had your day in court, and your bankruptcy is a done deal, you can now use your one good card to begin rebuilding your credit record.

There are any number of stores out there that are willing to issue you a store card if you possess a major credit card. Even some of the gas companies will look upon this as an opportunity.

Keep this card paid up and current. Now you can go to your bank and apply for a thousand dollar loan, using your credit card as collateral. Make the payments on the loan in a timely manner and watch your credit rating rise.

You have a major credit card and a loan with a bank that shows no late payments, (one of the harder loans to obtain). You are on your way to rebuilding your credit.