One question that debtors often ask after filing bankruptcy is, “How can I reestablish my credit?” When you file bankruptcy, your credit will most likely take a hit, however if you have a low credit score already, filing bankruptcy may actually help your credit score as you can now pay your bills on time and you won’t continue to incur late payments. The amount a credit score may change varies on a case by case basis.
After you file bankruptcy you may apply for a new credit card, possibly at a higher interest rate, or a secured prepaid credit card to help rebuild your credit. You should also think about getting a car loan if possible and always make your payments on time and you will want to keep your credit line balances as low as possible. Many of my clients report receiving many credit card and car loan offers post bankruptcy filing. Therefore you should not worry about how your favorite credit card account is going to close due to your bankruptcy filing or that nobody will ever give you credit again. Once you receive your bankruptcy discharge, you can get more proactive about repairing your credit and Symmes Law Group can help you out with that. We use a system of making the creditors and credit bureaus validate your your debts and they must remove the debts if they cannot in fact validate the debts per the fair credit reporting act (FCRA). Finally if your goal is to purchase a home post bankruptcy filing, you can usually qualify to do so in 2-4 years from when you have filed for bankruptcy in Washington state.
If you have additional questions about rebuilding your questions after filing for bankruptcy, give Symmes Law Group a call today to learn about your options at 206-682-7975