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Practical Money Matters Radio Series

March 21, 2011
Derailed by Bankruptcy? Get Back on Track.


If you’re struggling with bankruptcy, here are a few smart ways to reestablish your credit and start to rebuild.

Transcript

Bankruptcy is painful. It’s expensive, time-consuming and it makes it hard to borrow money, rent an apartment—even get a job. Here are a few ways to get back on track after bankruptcy:

First, start rebuilding your credit. The best thing you can do is always pay your bills on time. And pay down existing debts before taking on new ones. Also, regularly check your credit reports to make sure your improved credit habits are being reported correctly. You can order free credit reports at annualcreditreport.com. And finally, reestablish your creditworthiness. A good way to show your ability to repay debt responsibly is to open a secured credit card that’s linked to a savings account.

Bottom line: It’s tough to recover from bankruptcy, but you can do it. Handling bills wisely is the place to start.


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