Mesa Bankruptcy Attorneys: (480) 568-2333
Many people already have bad credit by the time they visit our Mesa law
office. Still, they worry that filing for bankruptcy will make a bad situation
worse. At Campbell & Coombs, P.C., we often counsel our clients about
rebuilding their credit after bankruptcy. Contrary to what most people
think, it is possible and can be achieved with careful planning and guidance.
We often explain to clients that:
- You will be solicited for car loans and credit cards within days of filing
- If you have a job, you will usually be able to reestablish your credit
in a year or two.
- You will probably be eligible to buy a house within two years.
Often, the only thing standing between you and good credit after bankruptcy
is knowing what steps to take next. Talking with an experienced bankruptcy
lawyer can help you understand how to get a credit card (or how to avoid
one), how to get a car loan without paying too much interest, rent an
apartment, buy a home or even refinance.
free consultation today.
How to Rebuild Your Credit After Bankruptcy
There are several ways that you can rebuild your credit after bankruptcy.
- Many people find that the easiest way to start re-establishing credit is
with a secured credit card with a local credit union or bank. To get started,
you provide the bank with a certain amount of money and receive credit
in that amount. By making regular payments on your card, you can begin
to rebuild your credit.
- After making regular payments for a set period of time, often 12 to 24
months, you may be eligible for an unsecured credit card. A card is "unsecured"
when you do not need to give the lending institution money before credit
is extended to you.
- You may also apply for secured or unsecured loans, or use retail or gas
credit cards after bankruptcy. It is often possible to receive credit
from banks and credit unions. However, it is important that you avoid
high fees and interest rates and make smart decisions about debt —
otherwise you could face financial problems again.
It is possible to restore your credit after bankruptcy. Don't let fear
of a bad credit score keep you from seeking freedom from debt.
Call our team at (480) 568-2333 if you are interested in rebuilding your credit.