Most people turn to bankruptcy after several months or years of financial struggles. Likewise, after a bankruptcy filing it also takes time for individuals to rebuild their credit and get back on track financially. In addition to time, there are proactive steps people can take to improve their credit after a bankruptcy filing. These include monitoring credit reports, applying for new sources of credit and continuing to pay monthly bills on time.

Monitoring Credit Reports

As most people are aware, filing for bankruptcy will negatively impact a person’s credit score. After filing, however, it is still smart for individuals to periodically monitor their credit reports. People should check reports from each bureau (Experian, Equifax and Transunion) for outdated personal information, incorrect credit history or errors in currently active accounts. All debts that were discharged as part of the bankruptcy proceedings should reflect so in your report. Bureaus must respond or remove inaccuracies within 30 days of a request.

Applying for Credit Cards

To help improve credit scores and show creditworthiness again after filing for bankruptcy, individuals should apply for new sources of credit. Although credit cards issued after a bankruptcy may have higher interest rates, paying on time, paying balances off each month and staying within the limit can help to avoid paying interest and will steadily increase an individual’s credit rating. Secured credit cards, where a debtor’s deposit is used as collateral, may also be a good option to help rebuild credit.

Paying Monthly Bills

Credit cards are not the only way to rebuild credit after filing for bankruptcy. Since all payment history and debts owed factor into a debtor’s FICO score and credit rating, paying monthly bills before they are due helps people bounce back faster following bankruptcy. Keeping up with installment payments in particular, like car or mortgage payments, in addition to utility, phone and other monthly bills shows that individuals are demonstrating financial responsibility and creditworthiness, even with a bankruptcy in their history.

Getting Back on Track Financially

Time is one factor in improving credit after bankruptcy, but it is also helpful for debtors to actively monitor and work to improve their credit ratings by demonstrating their creditworthiness and maintaining current financial obligations.

If you are thinking about filing for bankruptcy, but have questions or concerns; contact a local bankruptcy attorney for advice. Although there are financial consequences for seeking Chapter 7 or Chapter 13 bankruptcy protection, there are many options for rebuilding your financial future after filing.

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      Wright Law Offices 
      2999 N. 44th St., Ste 600
      Phoenix AZ 85018 

      Telephone: 602-456-6085 / 866-703-3287
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      Wright Law Offices 
      668 N. 44th St., Ste 320
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    What our clients are saying…

    TOP Rated PHOENIX BANKRUPTCY ATTORNEY

    Mr. Wright and his staff were amazing. They made a negative situation a lot better and turned it into a positive. Could really tell they care helping people and I will refer their Phoenix Bankruptcy Attorney firm to friends and family. Thanks again.

    Tara
    TOP Rated PHOENIX BANKRUPTCY ATTORNEY

    I called around looking for the right bankruptcy lawyer and came across Benjamin Wright. He personally called me for the consultation seeing how I live in Kingman AZ. He was very helpful from the start and his staff was very friendly and explained any questions I had, sorry for all the questions. I would definitely recommend Wright law offices, and I do!! Thanks for everything, you made what seemed like a hard thing to do simple!! You guys rock!!!

    Steffanie
    TOP Rated PHOENIX BANKRUPTCY ATTORNEY

    Great lawyer, he really helped my mother out of a jam. She was totally new to bankruptcy and he talked with us for about an hour and a half to make sure she wouldn’t be worried.

    Damian
    TOP Rated PHOENIX BANKRUPTCY ATTORNEY

    Ben is a kind and down to earth attorney. He worked around my busy schedule as a single mom (school, full-time job, and daycare pick up and drop off times). He explained absolutely everything to me and was good about e-mailing. I am writing this review as a THANK YOU.

    Shannon
    TOP Rated PHOENIX BANKRUPTCY ATTORNEY

    I had a very positive experience with Attorney Wright. He or his staff returned my e-mails and calls promptly (even after business hours occasionally). His fees were reasonable. He was patient with me when I showed up in court missing an important document. He is aggressive, but fair and nice.

    Jenna