How bankruptcy affects credit
Bankruptcy can stay on your credit report for up to 10 years. This can have detrimental effects on your financial health and make it very difficult to get a loan or a mortgage. This, in turn, makes it difficult to recover your credit, and it may be years before you bounce back to your pre-debt financial health.
However, with the help of an experienced and compassionate bankruptcy lawyer, you can make the best decision for your situation and make a smart financial plan going forward. At Ellison & O'Connor, our attorneys are as compassionate as they are knowledgeable. We will help you evaluate your losses and establish a path to financial recovery.
How to come back from bankruptcy
The road to recovering your credit after a bankruptcy is long and requires a solid financial plan moving forward.
So what can you do?
- Check your credit score regularly
- Reestablish credit as soon as possible either via secured credit cards, store credit cards, or car loans
- Do your homework on credit card offers
- Keep your old accounts active
- Do NOT apply for numerous accounts
- Only spend what you have
Eventually, your bankruptcy file and discharged debts will be removed from your credit report and you can begin building your finances into a secure and stable means of providing for yourself and your loved ones.
Even if you are just thinking about filing for bankruptcy, give us a call. Our experienced and knowledgeable bankruptcy attorneys are happy to help you through this financially challenging time. Don’t wait to get help.