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Law Office of Randall A. Fischer P.A. At Stuart

2100 SE Ocean Blvd #203, Stuart,
Martin, Florida 34996
Phone: (772) 463-7737

Randall A. Fischer, P.A.

725 SE Port St Lucie Blvd #206, Port St. Lucie
St. Lucie, Florida 34984-5232
Phone: (772) 463-7738

Randall A. Fischer, P.A. Law Office At Jupiter

1080 East Indiantown Road #104
Jupiter, Florida 33477
Phone: (561) 316-7111

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How do I re-establish my credit after Bankruptcy?

How do I re-establish my credit a Bankruptcy?

Don’t expect your credit to rebound overnight after filing for bankruptcy?  However, there are some very important steps you should take after your discharge.

First and foremost, make a budget.  Know what you need to spend to maintain your current lifestyle.  It is also important, as part of that budget to set some money aside for a rainy day.  As hokey as this sounds, it is very important to have a safety net in the event that something unexpected occurs.

Usually after your discharge you will receive applications for secured credit cards.  These cards can help you begin to rebuild your credit.  It is important to pay them on time and try to pay them off each month.  Attempting to rebuild your credit requires discipline and diligence.  Stay within your means.  If you cannot pay for it, don’t buy it on credit.  When using your secured credit card set aside the money you would have otherwise spent on the item purchased.

It is also important to check your credit 30 to 60 days after you have been discharged to make sure your discharged debts show a zero balance owed.  If they have not, contact the credit reporting agency and demand the correction be made.  If no action is taken, you may want to contact a lawyer.  Failure to properly report your credit is subject to the Fair Credit Reporting Act.

Another reason it is important to have the balances reported as zero and discharged, is because your current credit is based upon your history of payments and your available credit.  Balances on discharged debts not properly reported will not only have negative effect on your credit history; the balances will also show monies due on closed lines of credit.  The availability of credit is closed on an account which should not be included in your post-bankruptcy discharge credit report calculation (Know that all of the discharged creditors will appear on your credit report, but they need to have a balance of zero and the reason can read discharged in Bankruptcy).

On the subject of credit availability, as you re-establish your credit, keep your balances low.  This will help your credit score climb.  Therefore, if you have had a secured credit card for 1 to 2 years, maintained timely payments and kept the balance low, you can apply for store and gas station credit cards.  Once you obtain one of these unsecured lines of credit, use it and pay it off every month.

If you are married and you filed for bankruptcy and your spouse did not or you married after filing for bankruptcy, you may be able to obtain unsecured credit through your spouse.  Again, it is important to make your payments on time and keep the balances low if not at zero.

I hope this information has been helpful and I appreciate your visit to my website.

If you are in need of debt settlement or need to talk a lawyer about whether or not you should consider filing for Chapter 7 or Chapter 13 Bankruptcy in Stuart, Port St. Lucie or Jupiter FL, please give my office a call.

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