If I file for bankruptcy how do I rebuild my credit? 9 Answers as of December 16, 2010

If I end up deciding to file for Chapter 7 bankruptcy, how do I build up my credit? How long will it take for me to build up my credit? Will I even be able to? Any help would be greatly appreciated. Thanks.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Ursula G. Barrios Law
Ursula G. Barrios Law | Guillermo Machado
You can get a secured credit card shortly after your discharge and start there. You can also reaffirm certain debts and those will report as positives on your credit report. By virtue of filing BK, your credit score might increase within 12 months after filing (because you are no longer weighed down by your debts and now have suddenly become more creditworthy).
Answer Applies to: California
Replied: 12/16/2010
DiManna Law Office, LLC.
DiManna Law Office, LLC. | Dawn DiManna
You will need to pay your bills on time, and the further you get from the bankruptcy, the more it will improve.
Answer Applies to: New Hampshire
Replied: 12/16/2010
Law Office of L. Paul Zahn
Law Office of L. Paul Zahn | Paul Zahn
The question you ask isn't a legal question. Individual credit companies will make offers of credit at some point after your bankruptcy is discharged. You can also apply for credit cards. Most likely, you will at first receive low credit lines with large APRs, but if you pay your bill in full each month, your credit score should improve over time. The bankruptcy will come off your credit report in 7-10 years, so it is possible to rebuild your credit to pre-filing levels (or even higher, as someone on the brink of bankruptcy usually has a low credit score).
Answer Applies to: California
Replied: 12/16/2010
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
You can rebuild your credit after bankruptcy the way you did before bankruptcy, by paying your loans and your bills timely. It helps if you have a good income and equity in assets.
Answer Applies to: Illinois
Replied: 12/16/2010
William C. Gosnell, Attorney at Law
William C. Gosnell, Attorney at Law | William C. Gosnell
Borrow a small amount of money do not spend it but within 30 days go pay off this loan in full both principle and interest.

Repeat two more times and you will be good to go.

Remember once you file you may not file again for 8 years.
Answer Applies to: Tennessee
Replied: 12/16/2010
    The Law Office of Brian Nomi
    The Law Office of Brian Nomi | Brian H. Nomi
    You certainly can rebuild credit after bankruptcy, and faster than you might think. The keys are having lines of credit that you pay in full every month. These are reported to the 3 major bureaus, and in 2-3 years, you can have average credit again, even after a bankruptcy. It's easier than you might think. There are even special books on this subject.
    Answer Applies to: California
    Replied: 12/15/2010
    Law Offices of Lady Justice
    Law Offices of Lady Justice | Mona Patel
    It is very possible to rebuild your credit after filing bankruptcy. Sometimes prepaid credit cards can help boost your score.
    Answer Applies to: California
    Replied: 12/15/2010
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    If you have a car or mortgage payment, that will do it or you can get a secured credit card.
    Answer Applies to: California
    Replied: 12/15/2010
Click to View More Answers: