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The Do's and Don'ts of Bouncing Back From Bankruptcy
By: Paula Langguth Ryan

Bankruptcy is the hardest financial decision you'll ever face. It can be a fresh start, or it can be the start of the biggest financial nightmare ever. To make sure you truly get a fresh start after bankruptcy, follow these "Do's and Don'ts".

DO's
* DO get copies of all three credit reports and make sure that the accounts in your bankruptcy are listed as discharged.
* DO get a secured credit card but make sure the card issuer reports your payments, has a grace period, and doesn't report your card as secured.
* DO set up a DebtBuster Strategy for your undischarged debts and pay them off as quickly as possible.
* DO wait at least two years before applying for a mortgage or car loan to get the going interest rate.
* DO call a credit counselor and cut up any new credit cards if you find yourself in debt over your head again.

DON'Ts
* DON'T jump at every credit offer that's mailed to you. You're better off seeking out a good secured credit card on your own.
* DON'T reaffirm debts that aren't essentials such as your car, mortgage or major appliances.
* DON'T let creditors shame you into paying a higher interest rate because of your bankruptcy. Once you've paid regularly on a secured card for two years, you're eligible for the going interest rates.
* DON'T take out a car loan for longer than two years there's too great a risk of becoming "upside-down" on your loan and owing more than the car is worth!
* DON'T go to "bad credit no problem" lenders! They'll bleed you with outrageous interest rates!
You can be your own worst enemy after bankruptcy, or you can be the best guide you've ever had. Follow these tips and you'll soon be back on your financial feet!