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Is There Life After Bankruptcy? How Long After Bankruptcy Does It Take to Reestablish Credit and Buy a Cool Car with a Good Interest Rate?

By Joseph McDaniel, Esq.

The answer is different for everyone, of course.

Some folks approach repairing their credit with serious focus, and do everything right.

You almost have to take on repairing your credit as a hobby, and monitor it every day, and keep it watered, and fertilized, and weeded. Spray for bugs, too.

If you do that, you may get a result like these clients of mine, who got atypically wonderful results:

 We can't believe it's been almost a year since our discharge and hearing and what a great year it's been for us!  But we needed to share with you how far we've come and with a lot of hard work there is "life after Bankruptcy"!!  We each have two credit cards and no gouging interest rates....the first one is with _______ Bank and the second is with ____________ (0 interest for the first year) and both companies have increased our limits once since receiving the cards and this is primarily due to some work on our part. Not only do we pay the balances in full or at least much more than the minimum due, but over the past 6+ months Jimmy (not his real name!) has been doing everything he can to ensure our credit scores continue to climb....I should say soar.  For example, the first of this year we opened a savings account at a local credit union and since his score was so low they opened an account for us, but wouldn't give us an ATM card for deposits or withdrawals.  But, that has all changed......due to all that hard work his Fico score is now just under 700 and Saturday we purchased a 2010 Cadillac SRX at _______ Cadillac and not only did ________ bank approve us right away, with no proof of income (we were ready with copies of pay stubs), but at 8.5% interest!!! 


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I couldn't make this stuff up!

But it makes me very, very happy when my clients report back from the front, and tell me that, indeed, there is life after bankruptcy!

Full post as published by Arizona Bankruptcy Attorney Blog on October 28, 2010 (boomark / email).