Rebuilding Credit After Bankruptcy

Bankruptcy Can Be the First Step Toward Rebuilding Credit

Believe it or not, your credit improves as soon as you file for bankruptcy. Your creditors can no longer chase you around, and a substantial part of your indebtedness will probably be discharged. Moreover, you won't be eligible for another discharge for eight years. All of these circumstances make you a better risk than you are right before bankruptcy.

To learn how bankruptcy can start you on the path toward repaired credit, contact an experienced attorney at the law firm of Steven E. Mirsky, LLC. With offices in Rockville, Frederick and Laurel, we serve clients all over Maryland and the District of Columbia metro area.

Call (866) 654-2003 or (301) 637-0412 to learn about bankruptcy and credit repair

While it's true that the record of your bankruptcy case will remain on your credit report for years, the more significant consideration is bankruptcy's ability to help rebuild your credit score, which after all is the main factor that guides lending decisions.

Many people in Chapter 7 or Chapter 13 start getting credit card offers within a few weeks of filing their petition. Though hardly the most attractive proposals on the market, they can give you a chance to rebuild your credit. If you do get one of these credit cards, use it cautiously and responsibly. You'll probably find that your limits will rise. As long as you perform on your other obligations on time, wise use of a new credit card will help you raise your credit score.

Within two to four years, you'll most likely qualify for an auto loan on decent terms. Within two to four years, a home mortgage at market rates is a realistic goal for people who have been through bankruptcy — provided you take care of your credit.

For additional advice about the role a bankruptcy discharge can play in rebuilding your credit, contact a lawyer at the offices of Steven E. Mirsky, LLC, in Rockville, Frederick or Laurel.