After filing for bankruptcy it is important that you take measures to rebuild your credit score. After receiving a discharge of your debts through bankruptcy, most people can have their credit scores back to the 700-800 range with 2 years. Here are things that we recommend to individuals to help rebuild their credit after filing for bankruptcy:
1. Get a secured credit card. Its pretty much like a prepaid credit card that only allows you to charge what you have on the card.
2. Pay your other bills on time. This includes mortgages/rent, utility bills, cellphone bills and other things that when paid on time will show financial responsibility.
3. Create a strict budget. Now that you have discharged your debt, you will have money available to you that you were previously using to pay your creditors. It's important to carefully manage this money!
4. Do not obligate yourself into large payments if you cannot afford it. This includes mortgages/rent, car payments, etc.
5. Try to get complete insurance coverage, such as home/renters insurance, car insurance, and medical insurance. This will help you avoid huge costs if unforseen things occur.
6. Only buy things if you can afford them now. Do not make purchases based on what you believe will be your future income. Only buy things that you can afford now!