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You need to rebuild your credit and live simply after bankruptcy

After you've filed bankruptcy, you know that you get a fresh start. Unfortunately, that fresh start also comes with credit that isn't so good. The bankruptcy stays on your credit for up to 10 years, which means it could come back to haunt you each time you attempt to rent or buy a car or home or take out credit.

If you filed a Chapter 7 bankruptcy, you left most of your debts unpaid. If you are getting paid, it all comes to you, but the bankruptcy still sits on your record for 10 years. The important thing to do if you've gone through bankruptcy is to build an emergency fund. Live within your means, even if that means moving to a less-expensive apartment or not going out to eat or to events with coworkers.

Getting credit will likely be difficult for some time. Mismanaging your credit is potentially what got you into the position where you needed bankruptcy to start with, so lenders will be hesitant to lend to you. As a result, you may not be able to get credit or will have extremely high interest rates if you do.

You need to build up your credit after a bankruptcy, so you may want to look at other ways to boost your credit back up. For instance, paying your utility bills or phone bill on time will help. Paying a mortgage on time helps as well.

If you're looking to rebuild your credit or want to look at bankruptcy as an option, your attorney can help educate you on what you need to know. This is only one option to help you clear your debts.

Source: Bankrate, "Life After Bankruptcy," accessed July 21, 2017

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