Rebuilding Your Credit After Bankruptcy

If you have recently gone through a hard financial time, there is a good chance that you have filed for bankruptcy. One of the biggest fears that people have about filing for bankruptcy is that they will never be able to have a good credit score. The reality is, if you have filed for bankruptcy because you were unable to pay your bills, your credit score probably wasn’t that great to begin with. That’s not to say that filing for bankruptcy is a death sentence for your credit score. In fact, it is possible to rebuild your credit score within just a few years. Many people are even able to purchase a home just three years after the bankruptcy proceedings are over. Here are just a few ways that you may be able to rebuild your credit score after filing for bankruptcy:

  1. Obtain a secured credit card as soon as you can after the bankruptcy proceedings are over.
  2. It is important to only put small purchases that you know you can pay off on the card, such as gas for a car or groceries.
  3. It is crucial to pay off all credit card bills in full and on time to ensure your credit is improving.
  4. You may want to sign up for a credit monitoring service that can allow you to watch your credit score’s progress over time. These services often inform you of the factors that contribute to the increase and decrease of your credit score.

While many people do have concerns about their credit scores after bankruptcy, it is important to understand that filing for bankruptcy does not mean that your financial situation is doomed forever. Bankruptcy should be viewed as an opportunity to clear your financial slate after a challenging period of time. If you have any questions about filing for bankruptcy in the state of New York, contact our firm today.

The Law Offices of George Poulos is an experienced Workers’ Compensation, personal injury, bankruptcy, and Social Security Disability law firm with offices in Queens and the Bronx. If you require strong legal representation, contact our firm today to schedule a free consultation.