Tip! There are no after payments. Once your bankruptcy is discharged that is it, you are debt free.

According to both the Bankruptcy Code and the Fair Credit Reporting Act (FCRA), information on a Chapter 7 and Chapter 13 bankruptcy can remain on your credit profile for 10 years from the commencement of the case. But, the devastating effects don’t have to last forever, and you can immediately start rebuilding your credit by following these tips:

Clean Up Your Credit Reports

Many people find that when their Chapter 7 bankruptcies discharge, their credit reports still show several, if not all, accounts as open and overdue instead of being closed with the obligation wiped out as part of the bankruptcy. Contacting the credit bureaus and insisting that those accounts be properly reported as "included in bankruptcy" will help lessen the damage by a surprising amount. See "How to Raise Your Credit Score" for more information on cleaning up your credit reports.

Rebuilding Your Credit

Most people know that getting a secured credit card (with a typical credit line of $200 to $500) will help raise your credit score and rebuild your credit provided that you don’t charge more than about 30% of your credit limit, and you make the payments on time each month. But did you know that getting a mortgage or a home equity loan (second mortgage) also helps rebuild your credit?

Read more at Mortgage Loan Tips: How to Rebuild Bad Credit after a Bankruptcy

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