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About Credit Repair

How to Repair Credit after Bankruptcy

When you have completed your bankruptcy and your debts and obligations are discharged, it is important to understand how to rebuild credit and get back on track for future lines of credit, home purchases or car loans, among other normal family or business credit needs.  Our clients are often surprised at how quickly your credit can be moving back into a healthy condition after bankruptcy. Most people who filed for bankruptcy already had serious credit problems, and in fact, when you no longer owe the outstanding debt it can actually improve the situation.  Although it is true that the bankruptcy will show on your credit report for a number of years, your carefully handling of your finances after bankruptcy is critical to restoring a good credit rating. A Nevada bankruptcy lawyer from our firm can help in the process.

The Steps to Restoring Credit

It is important that you get a copy of your credit report from all 3 agencies as the first step. You must review this carefully to make sure that the discharge of debt is reflected on your report. It may take a week or two for this to be reflected on the report, but if the reporting agencies do not have correct information within a short period of time, they must be contacted to correct your report.  There could be other errors you find at the same time that could also be addressed and fixed.

Within a short period of time, it is likely that you will get a credit offer from a high interest or secured card with a low credit limit. This is a credit card that is secured by your bank account in most cases.  If you take such a card, it is advised that you use it for low cost items, and pay it off fully every month, without fail. Never be late on a payment. If you are very careful in making payments on time, you will begin to develop a credit history that will be valuable to you later.  If your spouse did not file bankruptcy with you, you can share credit with them and make purchases that are necessary such as a car.  Any purchase you make must be paid on time, and not creating more serious debt is the best way to rebuild credit and get back on track. Our legal team at Price Law Group can assist you with the process of rebuilding or restoring your credit, either after bankruptcy or when you have chosen an alternative to solve serious debt problems.

Contact a Nevada Bankruptcy Lawyer from our firm if you need help in restoring your credit after bankruptcy.

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