After I file bankruptcy I should:

1. Put off reestablishing credit as long as possible
2. Establish new credit immediately
3. Stay away from credit forever
4. Wait a year and then try

If you have filed bankruptcy, repairing your creditisn’t going to happen overnight. Because of this, you need to start immediately. The sooner you start, the sooner you’ll be on your way to a new financial future!

The first thing I should do is:

1. Apply in as many places as possible
2. Get a copy of my credit report and make sure breathing is accurate
3. I don’t need to do anything
4. Focus on getting one or two new accounts

The first thing you should do after your bankruptcy is discharged his get a copy of your credit report. Most people don’t think this is important. After all you know your credit is bad! The truth is that many creditors will continue to report accounts that have been discharged in your bankruptcy as being open and currently past-due. This can make it difficult to reestablish good new credit, because creditors will assume that you have reaffirmed the account and you are in fact currently past-due.  Before you apply for anything, make sure you clean up your credit report.

When establishing new credit I should

1. Get only revolving accounts.  It is probably too soon to think about qualifing for an installment loan
2. Re-establish both installment and revolving accounts
3. Get an installment loan
4. I should stay away from credit

Many people think that the key to reestablishing credit after bankruptcy is simply to get a secured credit card. While this is something you’ll want to, the reality is that for the best possible credit score you want to have both installment and revolving credit. The easiest way to reestablish installment credit is to go down to your bank and open a CD. Then you want to take out a loan against a CD. Banks are happy to issue these types of loans as they are completely secure. If you fail to make your payments on time, they will simply take the funds that you have deposited with them.

How did you do? Hopefully now you understand the keys to after bankruptcy credit repair. By using what you’ve learned, you can begin repairing your credit immediately. Before you know it, you’ll be back on track!

Following are some key events at Chrysler in 2009:

January 2, 2009 – Chrysler receives an initial $4 billion emergency government loan.

January 20 – Italy’s Fiat unveils a preliminary deal to take a 35 percent stake in Chrysler in exchange for access to its technology and overseas markets.

March 30 – The Obama administration’s autos task force rejects Chrysler’s restructuring plan and warns it may be put through bankruptcy to reduce its debts. It gives Chrysler 30 days to complete an alliance with Fiat or risk being cut off from further government funding.

April 21 – The U.S. says it will make about $500 million available to Chrysler to the end of April.

April 30 – Chrysler and Fiat confirm a global strategic alliance as Chrysler files for Chapter 11 bankruptcy after talks with bondholders to restructure its debt collapse.

May 1 – Chrysler idles plants, saying its survival depends on quick court approval of its restructuring plan.

May 4 – Chrysler wins interim approval from a U.S. bankruptcy court to access a $4.5 billion loan from the U.S. and Canadian governments.

May 5 – A bankruptcy court approves bidding procedures for the rapid sale of most assets, overturning objections from a dissident group of about 20 lenders.

May 8 – The dissident lenders’ group disbands, removing the last legal hurdle to the merger with Fiat.

May 14 – Chrysler’s planned alliance with Fiat poses no competitive issues, the U.S. Federal Trade Commission says.

June 1 – A U.S. Bankruptcy Court judge approves the sale of substantially all of Chrysler’s assets to a group led by Fiat.

June 9 – The U.S. Supreme Court clears the way for the sale of Chrysler LLC to Fiat.

– Chrysler also wins court approval to cut a quarter of its U.S. dealerships.

June 10 – Fiat closes its takeover of Chrysler. Fiat Chief Executive Sergio Marchionne will also be Chrysler’s CEO.

June 17 – Chrysler says it will resume production of vehicles in seven North American assembly plants by the end of the month.

June 24 – Chrysler says it would close its St. Louis North Assembly Plant that builds the Dodge Ram pickup truck effective July 10.

– A court filing shows it has cost Chrysler $12.7 million in legal costs during the hectic first month of its bankruptcy filing.

July 22 – Sergio Marchionne says Chrysler should see the benefit in the latter part of 2010 from new technology to build cleaner cars given to it by Fiat, and will return to the stock market but not before 2010.

July 24 – Fiat wins unconditional approval from the European Commission to acquire Chrysler.

September 16 – Chrysler will present a five-year business plan by the end of November, Sergio Marchionne says.

October 1 – Chrysler’s U.S. auto sales tumble 42 percent in September from a year ago.

October 2 – Chrysler says it will idle production of its Jeep Wrangler SUV for a week due to part shortages from a supplier.

October 5 – Chrysler creates a separate Ram brand for its Dodge pickup trucks and replaces the heads of two car brands.

October 27 – Chrysler asks a federal bankruptcy court to approve a sale of its shuttered Newark, Delaware, plant for $24.25 million.

October 30 – The United Auto Workers says it remains engaged in talks to convince Fiat to reverse plans to shutter Chrysler plants scrapped in the bankruptcy.

(Writing by Jijo Jacob, Bangalore Editorial Reference Unit; Additional writing by Carl Bagh and David Cutler, London Editorial Reference Unit; Editing by Jon Loades-Carter)

Reuters

Creditors have a number of tools at their disposal. Their primary weapon is the telephone and they can end up calling friends, family and your workplace. You may receive threatening letters or electronic communications. Your paycheck may come and, to your dismay, is woefully thin, having been garnished by a creditor. You could receive notifications that a property is being seized. Filing bankruptcy stops collection efforts against you. Even creditors who received a judgment against you must cease all actions once a Chapter 7 or Chapter 13 bankruptcy proceeding is filed. Once an Automatic Stay in Bankruptcy is imposed by the court, a creditor must stop all actions even if they previously had the right to repossess property. Therefore, the debtor is able to obtain a fresh financial start and keep their assets.

There is a common misconception that you may be dismissed from your job as a result of filing for bankruptcy. An employee may not dismiss you for filing bankruptcy. This is not to say that there aren’t disadvantages as well.

Bankruptcy is not a magic bullet. Bankruptcy will not protect you from obligations such as maintenance or alimony agreements, recent taxes or government fines. If while filing, you neglect to list a specific creditor, that creditor still will have the right to pursue the payment of your debt to them. These debts are referred to as non-dischargeable. Other examples include student loan debt, debts from damages and injuries as a result of drunk driving and debts that are a result of intentionally malicious or deceptive behavior by the debtor. After filing for bankruptcy, the ability to gain new employment may be impeded for several years after filing.