After Bankruptcy Discharge
What happens to my credit records after bankruptcy discharge?
After bankruptcy discharge, your credit record will show your bankruptcy for at least seven years. Having a poor credit record will have various consequences. Rebuilding a good credit record takes time. Verify that your credit report is accurate. If it is not accurate, your lawyer can help you remove credit report errors that should not be reported under the Limitation Act. Avoid credit repair agencies. You can get a free copy of your report once a year. If a creditor tries to collect a discharged debt, refer he to your lawyer. You can also improve your post bankruptcy credit rating by reaffirming secured debts. Your bankruptcy lawyer will help you reaffirm secured debts.
For a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today about after bankruptcy discharge or give us a phone call 209-910-5291
How do I rebuild my credit after bankruptcy discharge?
After bankruptcy discharge, rebuild your credit. First create a realistic budget and stick to it. Do not take on too much debt too soon. Avoid huge credit cards bills. Charge items than you can afford based on your current, not future, income. Do not buy on impulse. Avoid sales. Sales ads say that you are saving money when in fact you are spending. If you do not have medical insurance, get some. Avoid large house payments, questionable spending habits, and high risk investment. Every week review your expenses and think about the expenses you can cut.
Call us if you need to rebuild your credit records after bankruptcy discharge .
How to get loan after bankruptcy discharge?
After bankruptcy discharge, it will be harder to find a loan with a low rate. However lenders know that you cannot file again for bankruptcy, so they have more legal tools if you default on your payments. Stabilize your income and employment; creditors evaluate the stability of your income and employment. Work with your local merchants, they are more willing to negotiate payment schedules. Some banks offer passbook loans, others may ask for collateral. Before taking a loan, verify the interest rate, the prepayment penalties, and whether the bank will report the loan to a credit bureau.
If you have filed under Chapter 13 and have paid most of your unsecured debts, find out if the court has a credit reestablishment program. This program will help you identify sources of credits, fill out credit applications, and prepare to be interviewied by lenders. If you have secured loans and did not modify them, ask for loan modifications. Learn more about loan modification .
What about credit cards after bankruptcy discharge?
After bankruptcy discharge, It is possible to have credit cards. Some banks offer debit cards or a line of credit on a saving account. If you get a credit card, be aware that its rate will be high, so avoid using it for expensive items you cannot pay without incurring interest. Use checks instead. Avoid credit cards issued by merchants. Your bankruptcy lawyer will help you get credit cards.
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We give 1/2 hour free consultations – flexible scheduling
If you would like a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today or give us a phone call 209-910-5291. Our office is conveniently located and open, 8:00am to 6:00pm. If you would like a weekend appointment, simply call and set one up. We are flexible with our schedule and most importantly want to get your problems resolved.
We have years of experience helping people file for bankruptcy under the US Federal Bankruptcy Law.
We primarily service clients in the Northern California region with our office in Stanislaus County. Many of our happy clients include residents from