Bankruptcy can be a great way to wipe your financial slate clean and start fresh. Unfortunately, it can also wreak havoc on your credit score. However, don’t let this unavoidable effect of bankruptcy prevent you from getting the relief you need. With care, dedication, and enough time, you can rebuild your credit even after filing for Chapter 7 or Chapter 13 bankruptcy.
At Wolfson Bolton, our attorneys are available to help clients nationwide with repairing their credit score after a major financial setback. We will encourage you to take a few key steps to protect and rebuild your credit after bankruptcy while assisting you throughout the process of rebuilding your credit.
Make sure you have a realistic and comprehensive budget in place — and be sure to stick with it after your bankruptcy. Having a budget will help you stay on top of your finances and allow you to better track your spending.
You should also make sure you budget for an emergency fund. Putting just a little bit away in an emergency savings fund can protect you in the event of an unexpected emergency and help you avoid racking up credit card debt.
Ensure Your Credit Report Reflects Your Bankruptcy Properly
It seems counter-intuitive, but it is actually in your best interest that your credit report reflects your bankruptcy. Your credit report will show a $0 balance for discharged debts, and delinquent balances should be removed. You get one free credit report per year, so make it count — or invest a few dollars into checking it every few months to make sure everything is squared away.
Perhaps the best way to improve your credit after bankruptcy is to stay on top of payments. For example, if you have student loan debt that was not discharged in your bankruptcy, be sure to keep making those payments on time and in full.
Secure New Credit
It can be difficult to obtain new credit after filing for bankruptcy, but it can also be one of the most effective ways to repair your credit score. Look into credit cards that approve applicants with a bankruptcy history. If you cannot find one that will approve you, consider a secured credit card.
With that said, you should avoid applying for new credit too frequently. Don’t submit several credit card or loan applications at once, as this can make lenders wary of you.
People with high credit scores usually have low credit card balances. Be smart about your spending and make the effort to pay off your credit cards frequently.
Remember, slow and steady is the way to go after bankruptcy. With time and effort, you can repair and rebuild your credit.
Want to Learn More About Rebuilding Your Credit?
At Wolfson Bolton, our Troy credit repair attorneys can help you navigate the above steps as well as provide additional advice and resources based on your unique situation. Please don’t hesitate to contact us to learn about your legal rights and options during a free consultation.
How Can A Credit Card Repair Lawyer Help You?
Hiring a credit card repair lawyer is important for ensuring that you have all of the guidance and support that you need during this challenging time so that you can achieve financial freedom. Having poor credit is not uncommon, and it's important to know the options that are available to help boost your credit score.
A credit card repair lawyer can help to:
- Help to locate errors on your credit report: Your credit card repair lawyer will have years of experience in helping individuals improve their credit scores. That means that he or she will know exactly how and where to locate potential errors on your credit report. It is common for individuals to have mistakes that they are not aware of. A lawyer will help pinpoint and correct all of those for you, and help you get back on track.
- Provide you with valuable financial advice: A credit card repair lawyer will be able to provide you with valuable financial advice that can tremendously help you in your financial journey. If you are looking for ways to improve your credit, your lawyer can offer tips and tricks that can help you make healthier financial habits and decisions. Having access to objective counsel can be of true help.
- Save you time: The credit card repair process can be extremely long and draining. It takes time, and a single mistake can cost you both time and a poor credit report. There are specific laws that are also involved when it comes to correcting your credit report. Your lawyer will know the ins and outs of all laws associated with credit reports and will be able to take care of the paperwork for you, correctly and promptly, so that you can focus on other things regarding building your credit.
- Secure your future investments: If you are thinking about making great investments, such as buying a car or purchasing a property, a poor credit report can, unfortunately, hinder those possibilities. Your credit card repair lawyer will be able to help secure those future investments for you, by efficiently helping you to improve your credit report and hit your financial goals.
Are you interested in learning more about how a credit card report lawyer can help you boost your credit and achieve your financial goals? Contact our team of credit card repair lawyers today for a free consultation.
Call Wolfson Bolton at (248) 609-1855 with any questions about credit reports and how to rebuild your credit score after bankruptcy.
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Troy, MI 48083