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Credit Restoration

About Credit Restoration

Kansas Credit Restoration Lawyer

One of the most common concerns about filing for bankruptcy is that it will severely hurt your credit.  A bankruptcy can result in a very low credit score and the fact of a bankruptcy will stay on your report for many years.  It is also true that most individuals filing for bankruptcy are already delinquent on their credit and their score has already suffered significant damage.

Rebuilding your credit will take time but it can be done.  One of the benefits many petitioners find is that once free of debt and without credit to live on they can now learn a new style of living.  Without the heavy drain of debt on their monthly income they can now save for expenditures and emergencies.  Most bankruptcies stem from a mix of debt coupled with a crisis that could not be handled from a savings account.  With the debt eliminated it is possible to rebuild a life that can better handle the inevitable setbacks and demands.

Steps to take after a bankruptcy include the following:

  • Start immediately building savings and cash reserves.  This will not only build a stronger future but will assist you in your efforts to rebuild credit.
  • If you have retained your home or car make sure those payments are made on time
  • Maintain records of rent paid or utilities paid, these can be of value in showing your creditworthiness
  • Within six months you should be able to obtain a secured credit card.  This is a card issued by a bank against money deposited as a security.  These are normally reported as any other credit card would be and can be a strong part of rebuilding a credit history
  • If your bankruptcy was due to a major life hardship then this should be noted in your credit report

Note: If you filed Chapter 13 you may need court approval before opening any new credit accounts.

With common sense and maintaining a payment history it is very possible to rebuild a credit score.  It will take some time and effort but has been done successfully by many past bankruptcy petitioners.  As with any major financial decision it is wise to get professional advice, contact a Kansas Bankruptcy Lawyer today for a consultation.

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