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Experienced lawyers, driven to succeed on your behalf.


Experienced lawyers, driven to succeed on your behalf.

Personal bankruptcy is a very real debt relief option for those who are facing overwhelming bills, whether from the sudden loss of a job, the onset of a medical condition, or a divorce. Yet, despite this fact, many people try to avoid bankruptcy at all costs. They might be concerned about the stigma attached to bankruptcy, as well as concern for what bankruptcy will mean for their future.

Most of these concerns are unfounded. After all, bankruptcy is much more common than many people realize, and bankruptcy exemptions help ensure that you can start your post-bankruptcy life off with some financial stability. But there’s another concern that a lot of people have when considering bankruptcy: how it will affect their credit.

You can rebuild your credit after bankruptcy

Sure, bankruptcy is going to stay on your credit report for some time, and it will lower your credit score. But there are some tangible things that you can do to increase your score as quickly as possible. Here are some of them:

  • Make sure that debt that was discharged during bankruptcy is removed from your credit report
  • Consider taking out a secured loan
  • Obtain a secured credit card
  • Consider taking out a loan with cosigner
  • Create a budget and stick to it
  • Continue to pay existing accounts on time
  • Keep balances as low as possible
  • Try to avoid job hopping

To rebuild your credit score, you’re going to have to show creditors that your capable of repaying debts. That’s why it’s helpful to obtain some sort of line of credit, but be very careful with it. Don’t let balances get out of hand and make all of your payments on time.

Have faith in the process and be patient

Of course, while following some or all of these steps can increase your credit score more quickly, it’s still going to take some time to build your credit score back to where you want it. Just be patient and know that your bankruptcy is likely to put you in a better financial position than you were in previously.

We know that considering bankruptcy can be scary. But information is power. So if you’d like to learn more about what bankruptcy can and can’t do for you, then consider discussing the matter with an experienced attorney of your choosing.