The worst financial experience that you could ever undergo is to go bankrupt – but sometimes a bankruptcy is a good experience because it teaches you that everything has to come to an end, even that financial merry-go-round you have been riding with complete abandon. Sometimes, a bankruptcy may help you come to your senses so that you can start rebuilding your financial credibility again. Question is: can this be done?
If you want to start rebuilding your credit history so that lenders will start thinking of you as a good borrower again, then you should start doing that as soon as you have completed filing for bankruptcy. This means sitting down with a good pot of coffee, taking a legal pad and then creating a plan for rebuilding your credit history. (As you can see, getting into bankruptcy is much easier than getting out of it – but it is not impossible. You just need to stay organized and not panic.)
The first step is to examine your credit report and check each and every transaction you made that is recorded on it to verify if they are all accurate. Some people keep sloppy records which may explain why they wound up in debt in the first place. If you can manage to verify the transactions, you may find any patterns that led you to getting into bankruptcy (like running up huge credit card debts, or getting too many credit cards in the first place.)
Now you can take your legal pad and make two columns. One the left side, you can write the heading: Financial Problems. On the right side, you may use the heading: Solutions. You can write down each of your financial problems systematically on the left side then try to come up with solutions on the right side. The financial problem should be written down directly opposite its solution and vice versa. You need to understand why the financial problem became such a problem so that you can come up with the appropriate solution. In our example, we cited getting too many credit cards so you can always list down the solution to be to get just the necessary credit cards. This is simple yet very effective.
Now, your last problem on the list should always be Rebuilding My Credit History. The solution to this is to start building a credit history that will show everyone you are striving to only get those credit lines that you can afford to pay for. Since we are concerned with bankruptcy car loans, your job now is to find lenders who will provide these bankruptcy car loans to you even with your bad credit history in the past. You are officially considered a bad credit borrower so you can look for lenders who offer bankruptcy car loans as part of their bad credit lending program to the public.
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