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Table of Contents
Introduction…4
Understanding The Ins and Outs of Bankruptcy..5
THE BANKRUPTCY PROCESS.7
Chapter 13 Bankruptcy –The Payment Plan…8
Chapter 7 Bankruptcy –The Liquidation Plan9
Getting Out of Debt –Not Fun, But Not Impossible..10
Getting Started Rebuilding Credit –Patience is a Virtue…..14
Making Bankruptcy Work for You –Turn a Negative into a Positive…16
Using Secured Credit Cards to Recover From Bankruptcy –A Necessary Evil…..22
Rebuild Through Mortgage –Not As Hard As You Imagine……..24
Tips to Refinancing your Mortgage……25
Erasing Credit Damage: A Step By Step Process…….28
Credit Monitoring Services –Knowledge is Power…30
Preventing Identity Theft –Don’t Let Your Hard Work Go To Waste…34
Using Home Equity to Regain Credit –Getting Some Leverage.40
Common Credit Repair Scams –The Dark Side of Bankruptcy..45
Credit Repair Companies –Do Your Due Diligence..49
Summary –Putting It All Together..50
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Introduction
Bankruptcy is the last resort that people turn to in order to deal with their major debts. Nobody ever wants to declare bankruptcy; however it is still a fact of life whenyou get in over your head. Bankruptcy is not something that you should be playing with. There are many people that will declare bankruptcy because they think this is an easy way out of debt. That is not true. In fact, declaring bankruptcy makes life quitea bit harder.
While many people need to file for bankruptcy these days, not everyone knows that they can rebuild their credit afterward. Most people think that bankruptcy is a terrible thing that you carry around with you forever. This is not true. Unfortunately, you will have to carry this around for a few years, but not forever.
Once you have declared bankruptcy, you will find that it will be very difficult to get credit for major purchases like houses, cars and personal loans. It may be difficult, butit is not impossible. That’s the best part. You can rebuild your good credit standing after you have declared bankruptcy.
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