Bankruptcy Rebound

Life after Bankruptcy

In 2005, before the new laws took effect, my wife and I declared Bankruptcy Chapter 7. We made this decision because it would allow us to eliminate over $150,000 dollars in credit card debt and to start rebuilding our credit. We didn't own our own home at the time, but if we had I'm sure that it would have been in Foreclosure. We hired the least expensive Attorney we could find and went to court. After the assessment, they determined we had about $9,000 in assets and would have to pay that off within 12 months. It came to about $750 a month, which was a lot less than what we were supposed to be paying on our credit cards. We hadn't made a payment on or used our credit cards for about 2 years. It was tough making the Bankruptcy payments, but if we missed just one then we'd be back to owing the full amount and more. As you can imagine we got it done.
After our Bankruptcy was discharged we started looking for a company to repair our credit. We set up an appointment with Sam Sky and he reviewed our credit profiles. He pointed out many problems that could be addressed and said in about 9-12 months our credit scores should be increased significantly.

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All we had to do was sign some paper work and they would take care of the rest. I have to admit that I was leery to begin with, being new to the process, but followed their credit restoration system as advised (which was basically sending them what we received in the mail). I waited about 4 months and couldn't stand it any longer, so I went to the office and asked if we could check my credit score. To my amazement, my Equifax credit score went from a 503 to a 749! I couldn't believe it.

Four months prior the bank had repossessed our mini-van, which we had excluded from the Bankruptcy in hopes that we could keep it. The next day, after finding out what my credit score was, I went to a credit union and got a $5,000 Visa credit card. Not only that, but I also got a car loan to buy a 2001 Range Rover. The next week I got a car loan to buy a 2004 Expedition from the same credit union and the only thing it was based on was my credit score. My income hadn't changed, only my credit score.

I've asked myself if I could have raised my credit scores myself by having the negative information that was incorrect deleted. I can honestly answer NO to that question, because although many of us can do things on our own, we never end up doing them and get stuck in the same rut. I wanted out of that rut and hired the right company to do it. It was worth ten times what I was charged. You've got to ask yourself not can you repair your own credit after Bankruptcy, but will you?

Sincerely,

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