Unanswered Questions

I’ve Been Through Bankruptcy, Divorce, and Foreclosure. How Can I Rebuild My Credit? – Susan

“Dear Steve,

My bankruptcy was discharged 10/07. I lost my home. It was the result of a past divorce, and the sudden loss of my job of 18 years.

I’ve now been with my new employer for 2 years and finding it very difficult to rebuild my credit, i’ve managed to get a credit card with a low limit and have paid that timely.

When my car broke down, I had to utilize payday loans to cover the cost. I’m still paying those, I hate them. I want to buy another house, I do not like renting, but what are my chances? I am 55 years old.


About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


  • I filed bankruptcy.  I had already been divorced for 12 years and really hadn’t recovered from the divorce itself as far as finances.  I have been a single mother of three since my divorce in 1997.  I struggled continuously, moving, bouts with credit and late payments, etc.  Then, I moved into a house and the mortgage was killing me and I mean killing me where I couldn’t keep up with other bills primarily due to the mortgage.  For the first time in my life I had a car repossessed.  My outlook on my life and finances looked more bleak than ever.  The bank remodified the mortgage and the mortgage dropped 220.00 per month but I was so deep in I didn’t notice the difference.  I had been thinking of doing it and had avoided it in the past.  I spoke with an attorney after reading constantly about it.  Now, I am glad I did it.  This is the best I have felt in  years.  My situation is getting better.  I am now renting from a former real estate agent who let me move into a house he had on the market that had been sitting for quite some time.  I was offered a credit card with a $500 limit just a month ago which is almost exactly 2 years since I was discharged.  I have also purchased a car.  Because of how bad things were for me in the past I am begining to see clear what to do and what not to do to ENSURE that I don’t get as far in as I was before.  I think I did the right thing and I am recovering and I can see now that I will experience a full recovery in a shorter period than I would have if I had not filed.  God Bless.  Dont’ let anyone tell you what is best for you.  Do what you know you have to do and what is best for you.

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