Lots of people think that once they've filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again.
This isn't always true, there are always ways to improve your financial standing, and there are also ways to repair your damaged credit rating.
In fact one of the best ways to improve your credit rating is to refinance your home mortgage, this will help to improve your credit history in a number of different ways.
So why should you refinance your home after you have declared yourself bankrupt? Well the aim of most people when remortgaging their property is to reduce how much they pay each month, ideally lowering the interest rate.
There are also numerous other benefits when refinancing your property.
You will also be able to use this to re-establish your credit history, this will be seen as a brand new mortgage, that makes you have a clean and new credit history.
You should remember to make any payments on time, this way you can keep hold of your perfect credit, and continue to rebuild it.
There are hundreds of different mortgage lenders, these all cater for different people.
Everyone is different, and so is everybody's credit history.
Some lenders will offer borrowers money who have perfect credit history, whereas others specialize in offering credit to people that suffer from poor credit.
Lenders that specialize in people with poor credit are normally known as sub-prime lenders.
These are the perfect lender for anybody who has poor credit rating, or anyone who has been through a bankruptcy.
Sub-prime lenders also charge a higher rate because of this increased risk, therefore you will have to expect to pay a little bit higher interest than somebody who has perfect credit.
Your credit history is not completely ruined by filing for bankruptcy, It is actually quite easy to rebuild your credit history after filing for bankruptcy.
The best way to do this is to refinance your home mortgagemortgage refinance.
Once you have started to rebuild your credit then you should remember not to risk damaging it again.
You should be very careful to make all your mortgage repayments on time, if you fail to make your payments on time then you will no doubt find yourself in the same situation once again.
If you have been through bankruptcy, then you should find specialist sub-lenders to talk to.
These people deal with people that have been through bankruptcies every day, and so should be able to point you in the right direction.
Be careful not to make your credit rating any worse when trying to rebuild your credit history.
Good luck trying to improve your credit history.