Steps to Rebuild Credit After Bankruptcy

Steps to Rebuild Credit After Bankruptcy2019-04-16T03:50:56-07:00

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 People should check reports from each bureau (Experian, Equifax and Transunion) for outdated personal information, incorrect credit history or errors in currently active accounts.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.

Read more about our bankruptcy services…

Why should you hire our firm to represent you in bankruptcy?

Great question. Here are a few reasons:

  • 1. Bankruptcy is our sole area of practice. Attorney Wright has over 10 years of experience in the field of bankruptcy and has helped over 1000 people successfully file.
  • 2. Attorney Wright has an accounting background that is useful in analyzing complex financial documents. Prior to law school he obtained a degree in accounting from the University of Wisconsin School of Business. He exercised his strong numerical aptitude in the field of accounting, including several years with The Kohler Co., before ultimately deciding to pursue a law degree.
  • 3. New clients meet with an attorney during their first visit. We understand your time is valuable. It is important your questions are answered quickly and accurately so you can take appropriate steps to secure a better financial future and eliminate fear and stress.
  • 4. In business, referrals are the highest form of professional compliment. We frequently receive referrals from other lawyers and previous clients.
  • 5. Our firm is small which enables us to focus on quality over quantity. We don’t have billboards on the I-10 or banners affixed to public transportation. Our approach is a bit more understated. We care about people and doing things right and it shows in our low employee turnover and positive reviews.
  • 6. Perhaps the most important consideration is the cost of filing bankruptcy. We continuously assess our fees to ensure we offer fair and competitive pricing. We want to offer you a deal without sacrificing the quality of your experience.
Attorney Ben Wright

Receive a FREE Consultation

Use the form below or call us at 602-456-6085 today. We’re here to help.

    Our Locations

    What our clients are saying…


    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.


    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!!!


    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.


    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.


    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.


    Bankruptcy Myths Debunked

    Navigating the complexities of bankruptcy can be a challenging journey, filled with misconceptions and myths that often deter individuals from [...]

    For individuals who maintain a steady income but are grappling with debts that need more time to be cleared, Chapter 13 bankruptcy could provide a viable solution. This form of bankruptcy enables debtors to retain their property while adhering to a three to five-year repayment plan. In Scottsdale, the bankruptcy attorneys at Wright Law Offices utilize their expertise in developing personalized Chapter 13 plans that are uniquely designed to suit your circumstances and work in your favor.

    When credit card debt spirals beyond control, the feelings of isolation and stress can be daunting. However, with a knowledgeable lawyer by your side, the situation can be transformed significantly. Lawyers are experienced in negotiating with formidable credit card companies, often succeeding in achieving reduced interest rates or a minimized debt total. At Wright Law Offices, located in Phoenix, our committed legal team stands ready to help you take back control of your financial situation and direct you towards other potential debt relief avenues like bankruptcy.

    The prospect of foreclosure can make it seem like your world is tumbling down. Yet, it's vital to remember that there are legal routes available to navigate this challenging situation. Foreclosure is a process initiated by lenders when mortgage payments are overdue, leading them to recover their loan by selling your property. While it sounds intimidating, our adept team at Wright Law Offices in Tempe is here to assist. We guide you through every step of the process, thoroughly exploring all viable options, such as loan modification, bankruptcy, or even contesting the foreclosure in court.

    Being in debt to the IRS can create enormous stress. However, a tax debt lawyer can intervene and significantly improve your situation. They're skilled in negotiating a viable payment plan with the IRS, striving to reduce the tax debt you owe, and in certain scenarios, even getting penalties and interest absolved. The proficient team of Scottsdale tax debt lawyers at Wright Law Offices is committed to helping you face this challenge with optimism. Leveraging our deep knowledge of tax law, we're dedicated to securing the best possible outcome for every client we represent.

    Go to Top