Declaring bankruptcy does not mean that you will be stuck in financial straits for as long as you live. Read this article to learn how to build good credit after bankruptcy in a few, simple steps. The important thing to remember is to be patient — you’ll get back to where you were eventually, but the process takes time. Contact experienced Jamestown bankruptcy attorney Scott Humble to schedule a consultation.
How to Build Good Credit After Bankruptcy | Debt Relief Timeline
Building credit after bankruptcy is much easier than you might think. Back in the old days, the banks would discriminate against people who were seeking credit after filing for bankruptcy because they wanted to set an example. Nowadays, with so many millions of people filing for bankruptcy each year, the banks and credit card companies are simply too greedy for that to happen.
After your bankruptcy case has been closed, you will be looking to obtain some credit cards right away. It may take a year afterwards to get credit cards and possibly two years for a car loan (three years for a mortgage), but as long as you have good income, some money in the bank, and have been paying your bills, you will be able to secure credit even after declaring for bankruptcy.
Maintaining Good Credit
A lot of people have concerns about their credit. By the time people come to our office for debt relief, their credit is shot, and it remains on their credit report for seven years. What the banks are looking at is if you have been maintaining your payments on your house or car. They’re looking to see if you no longer have a debt-to-income problem. Taking all that into consideration, they’re much more willing to give you credit in the future.
Contact an Experienced Debt Relief Attorney Today
Contact our experienced Jamestown bankruptcy lawyers today to schedule a consultation and learn more avenues for debt relief.