Rebuilding Your Credit After Bankruptcy
For 35 years, the Law Offices Of John C. Hanrahan, LLC, has been helping people through bankruptcy. We know how stressful the bankruptcy process can be, but we also know that it is a new beginning.
Here are some common-sense ways you can immediately start to rebuild your credit.
- Make full payments on time, including student loans.
- Avoid taking on new loans unless you can afford the monthly payment.
- Create a budget and stick to it.
- Start a savings account.
- Get a secured credit card.
- Monitor your credit score to verify your payment history is correct and challenge it if it is not.
The three keys to recovering from bankruptcy are creating manageable goals, paying all your bills in full and on time, and monitoring your credit report.
Create A Budget That Is Right For You
Creating a budget that works for you is critical to maintaining a good payment history.
The credit counseling required when you file for bankruptcy covers budgeting, but we find that many people are still uncertain of the best way to budget money for their unique situation.
There are several nonprofit organizations that offer free credit counselling. Sitting down to talk about your specific expenses makes it easier to create a budget that works for you.
Start Saving Money
We find that many people who file for bankruptcy do so because of unexpected medical bills or other unplanned expenses they were not financially prepared for. To avoid situations like this in the future, we recommend starting a savings account.
Even having a couple hundred dollars can sometimes prevent disaster. Starting a savings account can help boost your credit score.
Contact Bankruptcy Attorney John C. Hanrahan
Filing for bankruptcy is just the first step. Having a plan to move forward after your debt has been discharged is critical to reestablishing your credit. If you’re considering bankruptcy, call the Law Offices Of John C. Hanrahan, LLC at 301-228-0787 or fill out our online contact form to set up an initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.