How to Rebuild Credit After Filing for Bankruptcy

Bankruptcy can affect your overall credit in a negative way. However, there are plenty of ways to rebuild your credit with some discipline and education. Continue reading to discover the best steps to take when rebuilding your credit after filing for bankruptcy. You can begin this process right away.

Reach out to our experienced bankruptcy firm who can walk you through this process. We would be happy to answer any further questions you might have regarding filing for bankruptcy and the effects it may have on your credit score.

What steps should I take to rebuild my credit after filing for bankruptcy?

One of the downsides of filing for bankruptcy is how the process affects your credit. While you enjoy a sign of relief now that the bankruptcy filing process is complete, use this energy to focus on rebuilding your credit so that it can bounce back. The top tips for rebuilding credit after filing for bankruptcy are as follows:

  • All of the accounts that were not discharged by bankruptcy should be paid off as your first step to rebuild your credit. This can include personal injury lawsuit payouts, student loans, etc.
  • Try to get a new credit card. Though this might not be a simple process, you can rely on certain retail stores or gas stations that are likely to trust you with their credit cards compared to standard credit card companies. Do not apply for several credit cards at a time. Only apply for cards you believe you have a shot at being accepted for.
  • With your new credit card, be sure to make your payments on time every single month with no flukes.
  • Maintaining a steady job will help you secure a new credit line which will help lenders see financial stability.
  • Do not fall into the “credit repair company” trap.
  • While you maintain a meticulous payment record, it could boost your credit if you have a co-signer on your loans or cards. However, it is important to understand that failure to make payments on time could not only hurt your credit but your co-signers credit as well.

It is important to understand that within 10 years of filing for bankruptcy your filing will be entirely wiped off your record permanently. If you have any concerns or questions regarding rebuilding your credit after bankruptcy, reach out to our firm today for assistance.

Contact our experienced New York firm

Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.