Rebuilding your credit after bankruptcy takes time, but by consistently paying your bills and following some simple guidelines, you will find that your credit will steadily improve.
North & Sedgwick Law is here to advise you about improving your credit after bankruptcy. The firm's bankruptcy lawyer, Paul Camarena, serves individuals, families and businesses in Chicago and throughout the surrounding areas of Illinois.
Repairing Your Credit After Bankruptcy
A bankruptcy filing will stay on your credit report for 10 years. However, to many creditors, you will be an improved risk after bankruptcy. You will be debt free — at least of debts that can be discharged. Creditors will also know that you cannot file Chapter 7 bankruptcy again within eight years of your last filing.
By a time you file bankruptcy, your credit score is likely to be about as low as it can go. Filing bankruptcy gives you the opportunity to make a fresh financial start. In most cases, you can keep you home, car and other assets, so you will not have to start over with nothing.
To rebuild your credit:
- Put yourself on a budget and stick to it.
- Obtain a new credit card. If you are unable to get an unsecured card, you may obtain a card that is backed by deposits. Pay off your bill in full each month.
- Use credit moderately.
- Put your bills on automatic payment plans to avoid missing payments.
- Check your credit report. There are three main credit bureaus: Equifax, TransUnion and Experian. If you have been denied credit, it may be because past debts are not shown as discharged on your credit report.
Contact A Chicago Attorney Will Help Rebuild Your Credit Scores
For more information about repairing your credit after bankruptcy, contact attorney Camarena for a free initial consultation. Simply call North & Sedgwick Law at 312-878-8429 to arrange an appointment. You can also contact the firm via email.
El abogado habla español.
†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.