What Can I Do to Rebuild My Credit After Filing for Bankruptcy?

The benefit of filing for bankruptcy in New York state is that it can help you eliminate your debts. However, the flip side is that filing can also hurt your credit. Read on to learn how you can rebuild your credit after filing for bankruptcy and how an experienced Rockland County bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq. can help you execute this.

How can I rebuild my credit after filing for bankruptcy in New York state?

Some of the best steps you can take to begin rebuilding your credit after filing for bankruptcy are as follows:

  • Pay off any accounts that were not discharged by filing for bankruptcy (i.e., student loans).
  • Get a new credit card: do not apply for several at once, however. Instead, apply for one at a time, starting with a card you think is most likely to accept you (i.e., a gas station credit card or a retail store credit card).
  • Do not miss any payments: essentially, making payments on time is a fool-proof way to improve your credit score and will help ensure you do not rack up any more debt.
  • Keep a steady job: showing lenders that you are a consistent person who can stay at a job for a year or more will help improve your credit score.
  • Avoid hiring a “credit repair company”: almost always, these are scams or will not work to your benefit.
  • Get a co-signer: if you cannot get credit, get a co-signer on your loan or credit card. With this, you must still ensure you make all your payments on time.

How long will it take for bankruptcy to be cleared from my record?

It is a common misconception that once you file for bankruptcy you will never get credit again.

Actually, many of our Chapter 7 bankruptcy clients get credit card offers while still in bankruptcy.

As for car loans and home mortgages, the general rule is two years to lease a car on your own, and four years to obtain a mortgage (or three years for a first-time home buyer).

If you have any additional questions about the bankruptcy process, how to rebuild your credit after the bankruptcy process, or anything else, do not hesitate in picking up the phone and giving a skilled Rockland County bankruptcy attorney a call today. We are willing and able to help you in any way we can.

Contact our experienced New York firm

If you require the services of an experienced Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.