Restoring Credit After Bankruptcy

One of many misconceptions about bankruptcy is that you will be unable to buy a home or restore your credit to a working capacity after bankruptcy. Many debtors do not realize that filing bankruptcy can actually increase their opportunities for obtaining credit. For most people who are ready to file, mounting debts, missed payments and other marks on a credit score have already reduced or eliminated mortgage and other credit offers. Filing bankruptcy is the first step toward repairing your credit and moving toward financial independence.

Contact my law firm, The Law Office of Paul Stuber. I am a Boulder, Colorado, attorney dedicated to providing compassionate and effective bankruptcy representation to individuals struggling with debt.

Facts on Repairing Your Credit Rating in Colorado From a Knowledgeable Lawyer

Many consumers hear the false myths on bankruptcy and are unaware of the following:

  • Buying a home after bankruptcy is possible. Most filers can get a regular FHA mortgage within two years so long as they continue to make other payments on time and they have a sufficient income to support a mortgage.
  • Creditors will often prefer consumers who have filed bankruptcy because they cannot file again for eight years.
  • Bankruptcy gives debtors a fresh start, eliminating any unsecured debt and freeing them up to make new commitments to creditors.

Take Control of Your Credit Score

You can immediately begin restoring your credit after filing by getting secured credit cards, making payments on time, and reviewing your credit report and credit score to ensure that there are not lingering debts. Bankruptcy is a legal way to get the fresh start you need. Many of my clients have been amazed at how quickly they have repaired their credit and been given new opportunities, including car loans and home mortgage offers.

Even with a fresh start, you must remain cautious and conscientious as you use a credit card and work to establish credit. I often advise my clients to only use a credit card for gas so that they know they can keep up with payment requirements as well as enjoy the ease of a credit card while at the gas pump. If you are paying on time for something you already need and will purchase, you will be on your way to a jump-started credit score.

Restoring Credit Score After Colorado Bankruptcy

Call my Boulder credit counseling law firm at 303-444-8366 for more information regarding your debt and options for a fresh start. You may also contact me online to schedule a consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.