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Personal bankruptcy can set the scene for a new beginning

Those residents of Connecticut who have filed and completed a bankruptcy, and those who are contemplating doing so, can look forward to a fresh start and the chance to do things right the next time around. Successfully completing a personal bankruptcy is not the end of the world but instead a new beginning. It is a chance to wipe the slate clean and start over without the burdens of overwhelming debt.

Taking the following steps will assure that one takes advantage of the benefits of the debt relief received by the bankruptcy. The fact that one's credit will be negatively affected is not a solid barrier to rebuilding that credit. Within a year or two, the focused, positive-thinking individual can rebuild a respectable credit score and be able to take on future debt in a responsible manner. 

That requires obtaining one or more credit accounts and paying them on time and in full each month. One of the most effective ways to do that is by continuing to pay on a secured loan that was not discharged in the bankruptcy. If a car loan, for example, is paid by the debtor throughout the bankruptcy and continued to be paid after the discharge, that is a strong way to rebuild credit. The same applies to a house loan if the debtor keeps the home and continues to pay on the mortgage throughout the bankruptcy and thereafter.

In addition to keeping current pre-bankruptcy secured debts, it is also possible to obtain new credit card accounts post-bankruptcy. These are provided by lenders who understand that the borrower has a lower credit rating. The lender protects itself by requiring a security deposit or by limiting the credit line to about $300.

These accounts must be paid in full each month. Getting strung out on new credit accounts by over-spending and not paying in full each month can lead to a repeat of the original problem. For those who are contemplating filing a personal bankruptcy, the short- and long-term impact of filing can be discussed in detail with a Connecticut attorney who is experienced in handling consumer bankruptcy cases.

Source:, "How to Bounce Back From a Bankruptcy", Mikey Rox, Dec. 5, 2017

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