It is the number 1 question I get asked every time a client visits Michigan Bankruptcy Attorneys . Most of them were instructed, mistakenly, that they can never get consumer credit again and they are worried about that. In reality, it will be possible to obtain credit cards, car loans, home loans, etc, even though you filed for individual bankruptcy.
Bankruptcy can remain on your credit report for ten years, however the older your personal bankruptcy case is, the better your chances for credit are. When you successfully complete your Chapter 7 or Chapter 13, those debts are eradicated out of your credit reports ( though it will state they were released during bankruptcy), which means that your credit rating increases slightly within months after your discharge. Also, within about half a year from your discharge, you'll receive credit card applications in the mail, though you will probably be paying a larger rate of interest than normal. However, if you have a low balance credit card, something you can pay off each month, you can use this credit card to increase your credit score. Just pay the balance off every month and also on time; this good payment history will be reported on the credit report.

There are many ways to use your charge cards sensibly to help you fix your credit score. If you have a cell phone that you pay by check every month, make use of your charge card to pay your cell phone monthly bill, then use the (blank) money to repay the charge card. The same goes for gas for the car; put a tank of gas on your credit card, then pay the credit card off.
Should you be looking for a car loan, you will also pay an increased rate of interest than usual, however you can still get a auto loan. It depends on your job status as well as your credit score. the more time you wait to buy a car after personal bankruptcy, the smaller the interest rate you will be charged. If you are looking to obtain a mortgage, you might want to wait until two years from the release date in order to qualify for an FHA loan.

Michigan Bankruptcy Attorneys suggests when you have a mortgage, auto loan, as well as utility bills, continue to keep those payments up-to-date and pay them on time. Usually, these bills are reported on your credit history and if you keep them current and on time they'll be submitted to your credit rating bureaus and will help rebuild your credit rating.

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