Declaring bankruptcy under Chapter 7, otherwise known as liquidation bankruptcy, means you get a fresh start in your finances. Your dischargeable debts will be written off and the creditors will stop calling. What you need to deal now is your damaged credit and finding ways to rebuild it. Do not worry because there are things you can do to rebuild your credit and put your finances in order.

Your bankruptcy will be put on record for the next ten years which will make it difficult for you to loan from potential creditors as they can use it to deny your application even after years of decent credit. Do not lose hope, though. Some will be willing to approve your loan after only two years of decent credit. Consider the following to help you rebuild good credit.

Pay everything that's left on time. This includes student loans that cannot be discharged in bankruptcy but will show up in your credit report. Other loans include car loans and if you kept your home under Chapter 13 bankruptcy. Making those payments on time is the best way to start rebuilding good credit.

Keep your credit report in check and look for errors. Some creditors will say that your bankruptcy was discharged as a "charge off" which is incorrect. Make sure all credits you've paid on time are reported correctly because right now every single, timely and correct credit will count.

Stay on a budget. You have to start adjusting your lifestyle to suit your means and to no longer rely on credit. Having a credit management and an overall financial plan and staying on a budget, will allow you to build a little wealth without having to owe every dime you earn to credit card companies like you used to. Keep in mind to stock up as much money as possible into your savings such as an emergency fund to help you with car repairs, clothing purchases, vacations and so on. Pay in cash every chance you get and learn to adapt it. In this small way, it will build your savings.

Remember that acquiring bad credit is almost impossible now. Do not go applying for a loan in just about anywhere as those loan applications can further bring your score down. Also, avoid falling for those mailings mostly from car dealers that offer to grant you a loan after your unfortunate bankruptcy. The extremely high fees and interest rates of these loans will surprise you. Right now, you need to focus on not falling into the same routine that caused you the bankruptcy.

The key things to remember here is to pay your remaining debts on time, pay everything in cash, and save as much as you can. Also you may want to stay away from any new credit cards so that you won't be tempted to use it. Do this and you will have a decent credit in no time.