Life After Bankruptcy – For so many people, filing for bankruptcy can seem like the end of the life they have come to know. How will it affect their future and their credit score? Bankruptcy can actually help you create a good credit score down the road. With the help of skilled and knowledgeable Wilkes-Barre debt relief attorney C. Stephen Gurdin, you can take your current situation and improve it for a better financial future.
Re-building Your Credit!
The fastest way to rebuild your Pennsylvania credit is to focus on three main factors:
The length of your credit history. Your credit will go to zero when you file bankruptcy, so it is important to obtain new credit as soon as possible after filing, even if you have to get a secured credit card. This allows you to begin re-establishing credit immediately.
- Make timely payments each month on credit cards and loans. When you file for bankruptcy, unsecured debts such as credit cards balances will be wiped out, so you will be better able to stay current on payments on your new debts. As long as you are not late on your payments, and make wise choices as to how much you spend each month on credit card purchases, you should be well on your way to financial recovery.
- How much of your available credit you use. To improve your credit, you should try to keep your credit balance at 10 percent or less of your limit. This allows you to demonstrate your dependability.
How Long until My Credit Score is Improved?
In most cases, you can rebuild your Wilkes Barre, PA credit in about 1 to 2 years after filing bankruptcy. You can also most likely get a secured or unsecured credit card right away. If necessary, you may even be able to procure a car loan immediately after filing. However, you won’t receive 0 percent financing until your credit score improves.
How Long Will a Bankruptcy Be on My Credit Report?
A bankruptcy filing will remain on your credit report for around 10 years. However, your credit score will begin improving immediately after filing as you begin to clear your debts and start from scratch. Let the Wilkes-Barre, Pennsylvania Law Office of C. Stephen Gurdin advise you as to how to make good decisions, rebuild your credit, and make a better financial future a reality.