Ohh the "B" word. When people think about the idea of bankruptcy they think about having their credit ruined for the next seven years.
Well I have news for you. If you have defaulted on payments to your creditors, those defaults will remain on your credit report for the same length of time as a bankruptcy would.
A bankruptcy will remain on your credit report for 6 years from the date that the bankruptcy is discharged.
Defaulted payments will remain your credit report for 6 years from the date that you settle defaulted debts or pay off defaulted debts in full.
Once discharged from bankruptcy you can qualify for a low interest mortgage to buy a home with two years of strong, positive re-established credit and a strong overall financial profile.
If you are becoming discharged from bankruptcy here is what you can do to start rebuilding your credit and finances.
1. Open a bank account with a bank that was not included in your bankruptcy. Make an appointment to discuss:
a. A savings plan
b. RRSP loan options. RRSP loans report to your Trans Union and Equifax credit bureaus and are a great way to re-establish credit, reduce income taxes and build retirement savings
2. Get A Financial Report Card. This will tell you how a bank would grade the current state of your financial profile, reveal strengths and weaknesses and give you strong direction to work towards your financial goals.
3. Obtain a secured credit card and only use what you can afford to repay in full each and every month. Never have a balance on any credit card that exceeds 50% of your credit limit.
4. Prepare a budget and follow it.
Following these steps will start you on a path to excellent credit and strong borrowing power!
Article by Courtney Jewell-McElroy
CEO, Assure Assess Corp.
http://www.assureassess.com
http://www.trueassess.com
Article Source: http://EzineArticles.com/?expert=Courtney_Jewell-McElroy
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