After
filing bankruptcy one common question our clients ask is how they can start to
rebuild their credit after the bankruptcy process is complete. The good news is
that by filing bankruptcy, you can actually help your score. While credit
scores typically decrease in the year prior to filing bankruptcy, after your bankruptcy
discharge you can expect to see a steady rise in your credit score, especially
if you are very careful while you rebuild your credit.
To keep
your credit score moving in the right direction after filing bankruptcy, you may
want to consider a secured credit card or a store credit account. Payments made
on-time are reported to the credit bureaus which will help you rebuild a strong
credit history. It’s important to be
judicious in taking on new loans. Use
credit sparingly and carefully.
Chapter
7 can remain on your credit report for up to ten years. Within 2-3 years after
your bankruptcy discharge, a credit score in the 700's is possible if you
practice good credit management.
If
you are struggling with debt in Georgia and would like more information about
bankruptcy and whether it may be an option for you, schedule a free consultation
with King & King. Call us today at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.
