Yes!  You can definitely repair your credit after bankruptcy.  Although bankruptcy is reported on credit reports, the truth is that for most people, once they decide to file bankruptcy their credit is already seriously damaged.  It isn’t the bankruptcy that caused the damage.  Bankruptcy can be the solution for some.  The reports may reflect the bankruptcy filing for up to 10 years but the process of credit repair begins immediately after the case is completed. Think about it.  Once debts are discharged or paid off over 5 years either in full or in part, you will be in great financial shape.  You will owe no debts except for on-going mortgage or car loan payments, future taxes, and any debts that were non-dischargeable.  Most or all of your debts will be gone, leaving you in a better position that before.  Creditors looking at your credit report will see that you have no more debts.  If you have income and no more debt problems, you will be ready for your fresh start in life.

Going forward, remember to use credit responsibly.  In order to repair your credit, you will actually need to use it by making timely payments on whatever debts you may have.  You can get a new secured credit card and always pay it on time.  If you still owe student loans, a car loan, or a mortgage loan, paying it on time will help.  It will also help if you make a budget and stick to it.  Only buy and borrow what you can really afford.  Use automatic payments to make sure you are never late.  Check your credit report and notify the bureaus of errors.  You can get a free copy once each year.

If you have questions about credit repair after bankruptcy, contact us online or call Scott Lanin, Esq. at (212) 764-7250 Ext.201. We offer a free phone consult to review and evaluate your case or you can schedule an office consult.