law office of Noel Shillito

Moving Beyond Bankruptcy

Reestablish Credit After Bankruptcy

Thursday, August 28, 2014
Often, our customers will worry about having a smooth transition to life after filing for bankruptcy. Many of you wonder whether or not life will be the same. While we can’t promise that all of your problems will disappear, we can give you a few easy tips to make sure your credit builds as fast and strong as possible.

The first thing you should do, if you haven’t already, is to open a checking or savings account and try and save some money. This may be hard at first, but establishing your own savings will help change spending habits of the past.

Second, apply for store and gas cards that would usually be cash expenses. You will become more trustworthy in creditors eyes as you put aside money and pay these of monthly.

The third thing is to pay bill off in full for at least a year. This will again help show you are capable of payment.

Fourth is to try and purchase anything big with a co-signer. This will usually allow you to get some form of credit, as well as build back up your credit score.

Finally, remember to live within your means. Do not unnecessarily increase your debt to income ratio by taking on credit to purchase luxury items that you DO NOT NEED.

These 5 steps should be easy, as the vast majority of people who file for bankruptcy never do so again. For more questions, please contact us.

Credit After Bankruptcy?

Thursday, August 28, 2014
Sometimes we find links that can answer some of your questions in a way that doesn’t require you to come in and chat. We will occasionally post these here, so feel free to search the blog and maybe we can answer your questions at any hour!

One common question many bankruptcy lawyers hear is whether or not you will ever have a credit card again, once you file for bankruptcy.

While the temptation to get a card again is big, please enter into any credit card offers with the knowledge that your interest rates may be higher. Luckily though, you get to worry about this, as credit cards are generally offered right away after filing for Chapter 7 Bankruptcy. Most creditors know the odds, and the statistics show that most people, after one bankruptcy, never claim another one. Therefore, you will probably be offered a card right away.

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