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Life After Bankruptcy

Life After Bankruptcy

Utilizing Credit Wisely After Bankruptcy

BEWARE OF CREDIT OFFERS DIRECTED AT RECENT BANKRUPTCY FILERS

“Disguised” Reaffirmation Contract

Very Very Very Carefully read any credit card or other credit offer from a ongoing business that claims to express a loan provider you listed in your bankruptcy or have a financial obligation you discharged. This might be from the debt collection business this is certainly wanting to fool you into reaffirming a debt. The small print associated with credit offer or contract will probably say that you’ll get brand brand new credit, but only when some or all the stability through the discharged debt is put into the account that is new.

“Secured” Bank Card

A different type of credit marketed to bankruptcy that is recent as a great way to reestablish credit involves “secured” charge cards. They are cards where in actuality the balances are secured by a bank deposit. The card permits you a borrowing restriction as much as the total amount you have got on deposit in a specific bank-account. In the event that you can’t result in the repayments, you lose the amount of money into the account. They could be helpful to establish that you could make regular monthly obligations on a bank card once you’ve had difficulty within the past.