Massachusetts Attorneys Helping You Rebuild Your Credit After Bankruptcy
Bankruptcy can help people who are struggling financially get the fresh financial start that they deserve. But unfortunately, there are some drawbacks to filing for bankruptcy. One major drawback is the way that bankruptcy affects your credit score.
It can be disheartening to see how bankruptcy has affected your credit score. But it’s important to remember that it is possible to rebuild your credit after filing for bankruptcy, and it’s not as hard as it may seem. The bankruptcy attorneys at Benner & Weinkauf have helped countless clients drastically improve their credit in the weeks, months, and years after filing for bankruptcy. Let us use our experience and legal knowledge to help you. Schedule a free consultation with our team today.
How Does Bankruptcy Affect Your Credit?
There’s no doubt that filing for bankruptcy will negatively impact your credit. In fact, filing for bankruptcy could cause your credit score to drop by more than 100 points.
The bankruptcy will appear on your credit report, which will make it harder for you to obtain new loans in the future. Even if you are approved for a loan, the lender will probably charge a high-interest rate since you are viewed as a high-risk borrower.
Don’t expect the bankruptcy to disappear from your credit report overnight. A Chapter 7 bankruptcy will remain on your record for 10 years, whereas a Chapter 13 bankruptcy will remain on your record for 7 years from the date it was filed. You cannot get a bankruptcy filing removed from your credit report. However, this does not mean that you will have to live with a poor credit score for 7 or 10 years. There are plenty of ways to rebuild your credit score immediately after filing for bankruptcy.
How Can You Improve Your Credit After Filing For Bankruptcy?
You can begin to rebuild your credit immediately after filing for bankruptcy by following these tips:
- Keep a close eye on your credit report so you can identify and correct errors that may lower your score. This will also make it easier for you to track your progress from month to month.
- Make consistent, on-time payments on all debts that were not discharged during your bankruptcy proceedings.
- Open a secured credit card, which is secured by the money in your savings account.
- Ask someone who you trust to co-sign a loan or credit card so you can obtain a new line of credit to help you improve your score.
- Create a monthly budget and stick to it.
Rebuilding your credit after bankruptcy takes time, but it can be done. You don’t have to do it alone, either. Let our attorneys create a custom plan for you and guide you through the process of building your credit back up after bankruptcy.
Set Up A No-Cost Consultation With Our Bankruptcy Attorneys Now
Have you recently filed for bankruptcy? If you’re ready for a fresh financial start, you must commit to rebuilding your credit. Don’t try to do this alone–turn to the trusted bankruptcy attorneys at Benner & Weinkauf for help. We will develop a custom plan that you can use to build your credit and take control of your finances.
Discuss your case with our attorneys today by calling 774-404-8321 or submitting your information using the form on this website.