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Restoring Your Credit after Bankruptcy

If you have made the decision to declare bankruptcy, you are likely wondering about how it will affect your credit. It is impossible to predict exactly what will happen, but many people experience a dip in their credit rating following a bankruptcy. Declaring bankruptcy will hurt your credit score more than anything else, but there are practical ways that you can work on building up your credit score.

Many people will make big purchases after filing for bankruptcy in a frantic attempt to rebuild their credit as fast as possible. However, it is important to be frugal with your spending and to establish new financial habits that prevent you from falling into debt again. Keep in mind that a bankruptcy will remain on your credit score for 7 to 10 years and that it is much more important to show your financial stability over an extended period of time.

A St. Petersburg bankruptcy attorney from our firm will help you restructure your spending habits and better finance your lifestyle. We have the resources and experience that you need to start fresh, and we will help you create a sustainable financial lifestyle plan. After you are fully informed on your new financial situation, it's time to get a secured credit card.

By keeping your secured credit card under 50% of the max value and by not maxing it out, you will slowly rebuild your credit score. If you had student loans before filing for bankruptcy, there is a good chance that you will still owe payments. By making these payments on time, you will be able to improve your credit score. There is no easy solution to rebuilding your credit, and you should beware of companies that claim they can quickly rebuild your credit. Instead, contact a St. Petersburg bankruptcy lawyer at Dion R. Hancock, P.A. and learn how to fully enjoy the benefits of your new financial situation.

Categories: Bankruptcy

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.