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Rebuilding Credit After Filing for Bankruptcy

One of the biggest fears that anyone deals with while filing for bankruptcy is that the credit will be affected for the whole lifetime. People often ask our Pittsburgh bankruptcy lawyer that what if they remain stuck with bad credit. How they can ever get a home loan, car loan, or even a student loan? If you are thinking in the same line, then you need to know that repairing credit after filing for bankruptcy is possible.

Things to Pay Attention to After the Discharge of Bankruptcy Case

Once you file the bankruptcy, you need to be mindful of your credit. If you are being proactive and consistent, then you can rebuild your credit and take the score higher in 12 to 14 months after getting a bankruptcy discharge.

When you are filing for bankruptcy, you are most likely going to be wary of using your credit again. But for rebuilding your credit, it is important that you are using your credit as no credit will be as bad as poor credit. You can make purchases and follow the repayment plan with credits responsibly.

How to Establish Credit Again After Bankruptcy

Our Pittsburgh bankruptcy lawyer shares some tips that can help you learn some of the more responsible ways of managing your credit. Take a look.

  • Make sure that you are staying on top of all your payments.
  • You can get a loan after you file bankruptcy. For getting approval of the loan, you need to have good credit which you can get by carrying up with the payment of the existing loan at the right time.
  • Open checking or savings account. It will give a responsible impression to your lender.
  • Right after filing for bankruptcy, make sure you are applying for credits. You can get store credits and gas credits and pay with that instead of cash. Also, apply for a secure credit card and start using it.
  • Ensure timely payment of your utility bills and rent for at least one year after bankruptcy.
  • If you have to apply for a home or car loan right after the bankruptcy discharge, make sure that you are looking for the dealers and brokers who attest to being bankruptcy friendly.
  • Send letters to each of the credit agencies reporting about what led to fling for bankruptcy.
  • Ensure timely payment for your reaffirmed pre-bankruptcy debts
  • Make sure to file the correct credit report

There is no hard and fast rule so to speak for rebuilding credit after you file for bankruptcy. But following these points will surely help you get back on your feet and rebuild your credit soon.

Credit Education Can Help the Debtor

What we have often noticed is that when it comes to the bankruptcy filing, credit education can help. That is why we offer credit education and recommend you to the right course that can help you understand how you can rebuild your credit right after your bankruptcy filing. Come to Pittsburgh Bankruptcy Law Group for more details.

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