Repairing Your Credit After Filing For Bankruptcy

Your Credit Score and Bankruptcy Filing…

For many debtors, waiting too long, fearing the stigma of a bankruptcy filing and its effect on their credit score is the wrong approach to take. For most, their credit score is already trending downward or has already reached the bottom, due to missed payments owed to creditors. Waiting with the idea you’ll be able to recover from your financial woes may be sound in theory, but the reality of most situations is, most debtors will not easily recover from their financial problems.

After reviewing your finances with a bankruptcy attorney, filing a bankruptcy is often your quickest and most efficient way to repairing or often improving your credit score.

Debtors May Be Able To Re-establish Their Credit Shortly After Filing…

It has been our experience that debtors are usually able to obtain some sort of credit usually within 2-3 years from filing. By keeping your credit limit low and making sure you’re only purchasing what you can afford, while making timely payments, will help repair and begin to re-establish your credit score.

A bankruptcy filing may actually improve your credit score. Once discharge is granted, you no longer have any bad debt in your name. This will free your income to apply to regular monthly living expenses, such as mortgage or car payments. Consistent installment payments are often the quickest way to improving your credit score. The alternative to not filing bankruptcy, may take years to repair your credit by repaying your debts.



The Swenson Bankruptcy Law Firm will help answer any of your credit score questions. Attorney Mart Swenson and his staff have over 35 years of experience practicing bankruptcy law in Eau Claire.  The experience and relationships he has built over the years will help you understand all your options and move towards the best possible outcome.


Additional Resources:

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