Scottsdale Credit Rebuilding
Getting a New Start After Bankruptcy
At the end of the bankruptcy process, it is normal to feel a sense of relief. You are unburdened by debt and no longer fielding calls from creditors and collection agencies. At Reque Law Firm, PLLC, our bankruptcy attorney in Scottsdale guides you through the bankruptcy process and advises you for the next step: credit rebuilding.
How Bankruptcy Affects Credit
It is important to know how filing for bankruptcy will affect your credit. The length of time your credit is affected depends on the type of bankruptcy. The credit reporting penalty for Chapter 7 bankruptcy is 10 years from the time the bankruptcy is discharged. For Chapter 13 bankruptcy, there is a 7-year credit penalty. Fortunately, as time passes and you begin to rebuild your credit, the weight of the penalty on your overall credit score will decrease.
Rebuilding Your Credit After Bankruptcy
Undoubtedly, there will be a negative impact on your credit score. Fortunately, there are a few things you can do to rebuild your credit. After your bankruptcy is discharged, you will inevitably begin to receive credit card offers in the mail. Beware of many of these offers, as they may contain large fees that could eat up most of the credit limit.
You can take a few steps to rebuild your credit, such as:
- Research new credit cards before signing up
- Take on new credit very gradually to avoid future debt problems
- Download free credit reports every year to monitor your credit
- Make a budget and stick to it
- Create an emergency fund, so you aren’t relying on credit
We can advise you regarding credit rebuilding in Scottsdale and provide reliable advice about how to rebuild your credit after your bankruptcy has been discharged. We offer free initial consultations, and we are available on Saturdays by appointment only.
Call (602) 428-9565 to learn how we can help with credit rebuilding.
Payment Plans Available
Available Saturday by Appointment
Fluent in Spanish and Portuguese
Free Initial Consultations
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