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In California, a personal bankruptcy can spell financial relief

The change that can happen to a credit rating during times of financial stress is a concern to many people in California. In fact, for those considering the filing of a personal bankruptcy, it is often one of the top things that they worry about. However, the good news is that a credit rating can be improved relatively quickly by taking a few steps, one recent report notes.

Both after and even during a personal bankruptcy here in California, a person may find that they are able to obtain credit. In many cases, people seek to obtain secured credit cards that, when payments are made in a timely fashion each month, can help to improve a credit rating. In addition, those who have filed for a Chapter 13 personal bankruptcy can improve credit by making the required payments each month.

It is often most important to potential new credit lenders to see that payments are being made on time each month. This, the report says, is even more important than other factors that go into the credit rating. To ensure that a credit rating is improving after a personal bankruptcy, it is a good idea to check the credit report. In fact, once a year this action can be taken completely free of charge.

The need to file for a personal bankruptcy in California often comes through no fault of the individual. Job loss, divorce or unexpected medical expenses are just a few of the factors that can lead to the need for such a filing. However, when the need arises, knowing that a full recovery is possible is a relief to many people.

Source:, Find your financial footing after bankruptcy, Andrew Housser, Sept. 29, 2013

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