How Can I Improve My Credit After Filing for Bankruptcy?

This is a common question people have before they even decide to file. It is a valid concern because, after a person files for bankruptcy, lenders often offer higher interest rates. However, though it takes time and dedication, it is completely possible to rebuild your credit after filing for bankruptcy. Here are three ways to get you started. 

1.   When Paying Bills... 

… you must pay them in full and on time. Lenders and the credit bureaus must see that you consistently make responsible financial decisions. You do not want them to see you constantly paying bills late or in only a portion at a time. If you make paying your bills properly a top priority, you will be on the road to credit recovery. This will take discipline in other areas of spending, but it will be worth it in the end! 

2.   Credit Card Use 

It is a good idea to use a credit card after filing for bankruptcy... but only if you pay it off in full every month. If this is the case, your consistency will create positive results. You will likely receive many credit card offers after filing for bankruptcy, so make sure you examine each one carefully and make the best decision for you.  

3.   Take Out a Loan 

Taking out a loan on a large purchase, such as an automobile, can improve your credit if you make payments when you are supposed to. Just like paying your bills on time and paying off your credit card on time, when you are consistent with your car payments, this shows lenders that you are responsible financially. After some time, you will start to see improvements in your credit. 

One more tip – a smooth road to recovery begins with a smooth filing process. It is wise to receive guidance from a reputable bankruptcy attorney while filing. Then, by following these tips and making good financial decisions, you will be back on your feet in no time! 

Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts. 

Lewis & Jurnovoy PCB 

1004 Jenks Avenue 

Panama City, FL 32401 

(850) 913-9110 

https://www.LewisandJurnovoy.com