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Barrister Amna (Alevels Academy Islamabad)
  • 9/8/2024
A Level Academy Islamabad
Transcript
00:00It may seem dire, it may seem hopeless, but there is life after bankruptcy.
00:06And no, we don't mean a Mad Max kind of life.
00:10We mean life-life, as in the one you lived before, well, with a few alterations and a
00:16little more moderation.
00:17So how do you go about building credit after bankruptcy?
00:22Before we get into the practical steps, it's crucial to establish and maintain a sensible
00:26attitude towards spending.
00:29Live within your means, conserve your finances, embrace frugality, avoid splurging.
00:35Now to the pragmatic steps.
00:37Even though bankruptcy wipes much of your debt clean, you must go about the business
00:42of improving your credit score.
00:44This means acquiring debt, yes, in order to pay it back responsibly and re-earn a trustworthy
00:50rep.
00:51Apply for a secured credit card at a bank or credit union, which requires a deposit.
00:57Also get yourself a credit card with a low credit limit and a low-to-no annual fee.
01:02It also might be a good idea to take out a small, manageable personal loan, say to repair
01:06that hole you put in the wall reading a final collection notice, that will be easy to pay
01:11back.
01:12On-time monthly payments to all of these will start the rebuilding process.
01:17Important might be too small a word to describe how much on-time payments matter from here
01:22on out.
01:23So let's call them mega-important wrecks.
01:27Don't be late with credit cards, loans, general bills, your Venmo half of brunch.
01:36Okay, the last one won't help your credit, but it harkens back to what we said earlier
01:40about an overall outlook.
01:42By sticking to this, in time, you will be like a person reborn.
01:47We at ICE Legal specialize in bankruptcy and debt relief, and we're here for any kind
01:52of additional help you need.
01:53I mean, not right here in your presence, you know, online and stuff.

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