Two of the most common concerns our clients have is how long it will take
for them to begin rebuilding their credit score and whether they will
be able to get a credit card after filing for bankruptcy. Rest assured,
there is life after bankruptcy. One of the benefits of bankruptcy is that
it helps an individual regain control of his or her finances. Filing for
bankruptcy helps put a stop to all legal actions and collection efforts
designed to recover payment on past due debts. It also puts an end to
the downward spiral of a person's credit score and gives that person
the opportunity to wipe his or her financial slate clean and start anew.
In most cases, our clients begin receiving credit card offers within a
few months after their bankruptcy proceedings have been completed and
their outstanding debt has been discharged.
Rather than accepting the first credit card offer you receive in the mail,
which will often have a high-interest rate as well as various different
fees and other charges, we recommend you start slow and begin rebuilding
your credit by obtaining a secured credit card from your bank, credit
union or other financial institution. A secured credit card only allows
you to spend the amount that you deposit onto the card in the first place.
Once you obtain this type of card, you can use it to make small purchases
and then replenish the funds so that you do not overextend or maximize
your credit limit. Activity on secured credit cards will get reported
to the 3 primary reporting agencies and will help improve your credit
score. Once you have begun to rebuild your credit, you will then be able
to secure a lower interest rate and more favorable terms.
At Bronson Law Offices, S.C., we are dedicated to providing individuals
and families with the debt relief they seek. We have handled countless
bankruptcy cases over the past 15 years and we are well aware of the impact
this type of debt relief can have on a person's life. How you got
to the point of needing bankruptcy protection does not concern us. We
are not here to judge you or make you feel bad for past financial decisions.
We are here to help you avail yourself of the protection that only bankruptcy
can provide. To get started with the bankruptcy process,
contact our law offices so that we can have a Queens bankruptcy lawyer review your situation and
discuss the options in your case.