Rebuilding Your Credit After Bankruptcy

Rebuilding Your Credit After Bankruptcy

Daniela P. Romero, Esq.

I’ve found that many people are worried about filing for bankruptcy because they are concerned about how long it will take to rebuild their credit. I often tell them that it is easier to rebuild their credit than they think because they will have gotten rid of many of the expenses that they had prior to the bankruptcy. Additionally, if you’re credit is already bad from excessive late payments, then bankruptcy will improve your credit rating after your debts are discharged.

The first thing you should do after your bankruptcy is discharged is get a credit card. You may be able to get an unsecured card, but if not, then you should get a secured card. If you continue to make your payments on time, then your credit rating with the credit bureaus will improve.

Next, you should obtain a secured line of credit, possibly with a store that sells electronics, televisions, refrigerators or other home goods. Make sure that you continue to make your payments on time. After about a year, you can apply for a car loan which will help rebuild your credit even further. Finally, about two to three years after your bankruptcy, you can apply for a home loan.

Rebuilding your credit after bankruptcy is not as hard as it seems. Taking the necessary steps I outlined above and continuing to pay your bills on time should put you on the road to good credit again.


About Law Office of Daniela P. Romero, APLC

We represent consumers and in Chapter 7 and 13 bankruptcy cases within the United States Bankruptcy Court for the Central District of California. Get a fresh start! Nosotros representamos a individuos y pequeñas empresas en el Capítulo 7 y 13 casos de bancarrota en el Tribunal de Quiebras de los Estados Unidos para el Distrito Central de California. Empiece de nuevo!
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2 Responses to Rebuilding Your Credit After Bankruptcy

  1. The best advice is that once you know you are going to have to file for bankruptcy you should stop using your credit cards. It is not appropriate for you to put items on credit when you know a bankruptcy is imminent and doing so can result in complications with your bankruptcy.File Personal Bankruptcy

  2. jemmy says:

    Yes its true, great advice and if you don't stop using your credit cards can result in complications with your bankruptcy.Bankruptcy lawyer in houston

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