Can I rebuild my Credit After Filing Bankruptcy?
Most bankruptcy lawyers can help advise debtors on whether they should in fact file for bankruptcy or whether other options may be more practical. Prior to filing bankruptcy, debtors may still in fact receive letters from credit card companies telling them that they have been pre-approved for a credit card despite the debtor having terrible credit. Credit card companies prey on these types of debtors so that they may charge very high interest rates and plunge a debtor further into debt. If you are a debtor considering filing bankruptcy, you should wait until after you file your bankruptcy petition to sign up for new credit cards. This is because all of your pre-petition credit card accounts are likely to be shut down and closed. By signing up for credit cards after filing bankruptcy, it allows you to re-build your credit. The key is to make sure that you are able to pay off your credit cards every month, as your new credit cards may be at a higher interest rate than before. Because credit card companies know that you cannot file for chapter 7 bankruptcy for another 8 years from your original filing date, they are more than willing to extend a post bankruptcy debtor credit.
If you decide that you do not wish to receive promotional marketing or pre-approved credit card offers from credit card companies, then according to this bankruptcy law article, all you need to do is “call 1-888-567-8688 and provide some information into the automated system. Once completed, you will be protecting yourself for two (2) years. You can also request information to make this a permanent feature.” You may want to consider taking this action if bankruptcy is not going to be an option for you moving forward and you do not want to be harassed any longer by credit card companies.
If you are in need of a home loan or refinance after filing a bankruptcy case that may also be possible. Lenders allow most debtors to qualify for home loans after 2 years from the date of filing a chapter 7 bankruptcy case that receives a discharge and only one year or no wait time at all if in a chapter 13 or your case has been dismissed with no discharge order entered.
If you have additional questions about rebuilding your credit after filing bankruptcy, Symmes Law Group can help. Give us a call today at 206-682-7975