Your Credit After Bankruptcy

by Hermin Dowe on July 10, 2012

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A frequent objection about filing for bankruptcy is how it will impact your credit score. Well, what is your score today?  Have you been borrowing from credit cards to pay off other debts?  Have you been late on any of your bills?  When last did you check your credit score?  The stellar score you had before the bills started piling up is no longer stellar.  It’s time to face reality.  It’s much more important for you to get rid of your mountain of debts.  If you cannot pay your bills on time, your creditors are going to report your delinquencies to the credit bureau and your credit score nosedives.

So your credit score is in the toilet and you still have a mountain of debt.  This isn’t the time to worry about your credit score;  it’s the time to get rid of the debt because it is only after you have rid yourself of this unwanted debt that you can begin to rebuild your credit record.  Once you’re discharged from your bankruptcy the credit card companies know you cannot file again for another eight years.  In most instances, they’re happy to bet on you during those eight years.  They’ll begin sending you unsolicited offers for a secured card.  The usual deposit is $99.00.  My practical and legal advice is this:  if your credit score is very important to you, then pay the money for a secured card; use this card judiciously, e.g., only for gasoline; and pay it off at the end of each month.

By this method you’re achieving two objectives at the same time. First, you’re rebuilding your credit; and second, you have that security blanket back in your wallet.  You must be very diligent in making full payment every month by the due date in order to keep yourself out of future credit card hell.  Your motto should be, “I have been there, done that, and I am never going back.”

If you are someone you know are interested in finding answers to your credit problems then give us  a call at 510 233-7700. The attorney and staff of the the Dowe Law Firm will  get you on the path to financial stability.

For more information you can also visit us at

+ Your Credit after Bankruptcy

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