Before / After

Credit after Bankruptcy – There is Hope with the Help of an Irving Bankruptcy Attorney

Now that you’ve filed for bankruptcy, it may feel like you’re miles away from rebuilding your credit. However, there are some strategies that can help you along the way, including getting the guidance of an Irving bankruptcy attorney.

So, you’ve decided to file for bankruptcy. Or maybe you’re well into filing and you’re no longer in debt because all the debt has been discharged or paid off. Either way, you’re probably wondering how your credit is going to be impacted, and how long it will take to rebuild it. The truth is, it will take effort and time, but you will be able to rebuild your credit again, and with the help of an Irving bankruptcy attorney, the process of rebuilding your credit can move in a positive direction faster, as they can provide guidance on specific steps to take that you may not know if you opt to go it alone.

A Texas bankruptcy attorney may recommend you pay ALL bills on time. This may be a no-brainer, but by paying all bills on time and in-full each cycle, especially mortgage, car and unsecured debt bills, you will slowly begin to rebuild your credit score. Of course, this is based on the assumption that after bankruptcy, you still own and have these types of bills in place.

A bankruptcy attorney may recommend you attempt to open a new credit card account, even if the interest rate is high. Some creditors offer credit cards to those with low credit scores. The kicker is they often have a very high interest rate. However, the interest rate will not be an issue because you’ll pay the card off each time you get the bill!

The bankruptcy attorney might suggest you pay more than the minimum on credit card bills. Given that you just went through bankruptcy, hopefully this is a given, and you’ll use your credit cards only to build up your credit, and you’ll pay them in full each month. But it’s worth knowing that by paying more than your minimum due each month, it can help to build your credit score faster than if you only pay the minimum.

Your bankruptcy attorney may suggest you take a debt management course. In addition to the expertise and advice provided by the bankruptcy attorney, he or she may also suggest you purchase a resource book or take a seminar on how to manage money and remain debt free. There are several to choose from if you search online, and your attorney should be able to give you some recommendations, as well.

These are just a few tips of the trade an Irving bankruptcy attorney may suggest to rebuild your credit after bankruptcy. The important thing is to remember that there is hope and it will get better. It can take an average of seven years for your credit to improve after bankruptcy, but by being disciplined and following your bankruptcy attorney’s advice, you will be well on your way to the light at the end of the tunnel when it comes to improving your credit.