Building credit after bankruptcy is much easier than you might think. Back in the old days, the banks would discriminate against people who were seeking credit after filing for bankruptcy because they wanted to set an example. Nowadays, with so many millions of people filing for bankruptcy each year, the banks and credit card companies are simply too greedy for that to happen. Contact our office for more information.
Building Credit After Bankruptcy | Timeline
After your bankruptcy case has been closed, you will be looking to obtain some credit cards right away. It may take a year afterwards to get credit cards and possibly two years for a car loan (three years for a mortgage), but as long as you have good income, some money in the bank, and have been paying your bills, you will be able to secure credit even after declaring for bankruptcy.
Building Credit After Bankruptcy | Concerns
A lot of people have concerns about their credit. By the time people come to our office for debt relief, their credit is shot, and it remains on their credit report for seven years. What the banks are looking at is if you have been maintaining your payments on your house or car. They’re looking to see if you no longer have a debt-to-income problem. Taking all that into consideration, they’re much more willing to give you credit in the future.
Contact our experienced Jamestown bankruptcy lawyers today to schedule a free consultation and learn more avenues for debt relief.