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 Bankruptcy and your financial future

Can you ever get a clean financial record after bankruptcy?
Once bankruptcy is over you start to rebuild credit immediately. Bankruptcy is the worst thing that can happen to your credit report, but it also gives you a fresh start.

How can you remove a bankruptcy from your credit report?
You can't. But bankruptcy is not forever. It stays on your credit report for 10 years. Once you've filed for bankruptcy, it stays on your credit report even if you change your mind and withdraw the bankruptcy. In that case, it shows as a bankruptcy dismissal. Bankruptcies involve documents that are public record, and will always be available to anyone who looks for them.

What is the best and quickest way to rebuild your credit?
There is no fast track for rebuilding credit. The best way is to establish a positive credit history by repaying any new debts on time, every time. Unfortunately, once bankruptcy appears on your credit report, your credit options disappear. Most ethical creditors will deny you unsecured credit cards and loans. There are a few people who can still get some form of credit from a reputable lender but they pay extremely high interest for it.

First Step: A Secured Card
A secured credit card is a good first step to rebuild credit. Secured cards are the most complicated type of credit card, because you pay first, then spend. Because collateral is required, many creditors will offer secured cards to people with bankruptcies on their credit histories. These credit cards have a lot of rules, annual fees and limited benefits and services but they do establish a positive credit history.