Rebuilding Good Credit After Bankruptcy

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Perhaps you’ve taken an objective look at your personal finances, and you’ve decided that the only logical way out of your financial situation is to declare personal bankruptcy. If you’ve reached this conclusion, you’re probably wondering if you’ll ever be able to achieve a good credit score again. This concern stops many consumers from declaring bankruptcy, even when they know there’s no other option available.

The good news is, you can reestablish credit after bankruptcy… and faster than you might think. It’s often easier to rebuild credit after bankruptcy than it is by continuing to struggle to pay your debts. There are two reasons for this: First, you’ve got a clean slate to work with – you won’t be trying to divide your income among all the creditors who are hounding you every day; second, if your credit is already in the trash, bankruptcy will actually improve your credit score as soon as your debts are discharged.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

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