If you are deep in debt, bankruptcy may be the solution you need to get back into good standing financially. Unfortunately, some people shy away from filing because they worry their credit will be ruined for life. This is false, however. You can regain a good credit rating after bankruptcy. Read on to find out how.

5 Post-Bankruptcy Tips to Rebuild Your Credit

1. Open a New Bank Account

Bankruptcy gives you a clean slate, partially if not fully. Complete the “refresh” by opening new bank accounts as well. This will mentally prepare and motivate you to work towards a debt-free future.

2. Get a Secured Credit Card

A secured credit card requires you to make an initial deposit equaling the amount of credit you want. As soon as possible, get a card with a low interest rate, and start making timely payments regularly. Read the fine print and make sure your interest rate is steady—some companies offer an initially low rate that jumps after one year.

3. Get a Cosigned Card or Loan

If you’re having trouble getting a credit card or loan application approved, ask a friend or family member to cosign. Just remember whoever you ask is also putting their credit at risk if you default on the payments, so don’t take this request lightly.

4. Obtain Shopping or Gas Cards

If you are unable to obtain a credit card right away and can’t get a cosigner, get shopping and gas cards. These have less stringent qualification measures and can also boost your credit rating. You can then get a regular credit card later.

5. Be Patient

Remember it will take time to regain good financial standing. You might not see results the first month after filing for bankruptcy, but, six months later, things will likely be different. Similarly, you probably won’t get a home loan in the first year after filing, but, three years later, your odds will be better. Be patient.

Filing for bankruptcy is complicated and should always be handled by a professional. Errors can result in delays and will only worsen the situation. For help in Chardon, OH, look to Ibold & O'Brien. This law firm has been in business since 1980. You can find out more about their practice areas, from estate planning to criminal defense law and more, online. For an appointment, call (440) 285-3511.