Make A Great Impression In The Courtroom

Make A Great Impression In The Courtroom

Life After Bankruptcy: Tips For Improving Your Scores

by Richard Ramirez

After a bankruptcy discharge, you might find yourself wondering what you're supposed to do next. The key to maximizing that bankruptcy is to start rebuilding your credit rating immediately. The sooner you start taking the proper forward steps, the quicker your credit score is going to improve. Here's a look at some of the things you need to know about that recovery period.

Start By Handling Your Non-Dischargeable Debt

If you had any debts that you couldn't discharge in the bankruptcy, those things need to be the first priority. Some of the most common debts that you can't discharge include student loans and some tax liabilities. These must be addressed properly, so call those creditors right away and make a payment arrangement. Even more important, stick to that payment arrangement. These creditors are not affected by your bankruptcy and can still file delinquency reports and initiate collections actions, both of which will damage your credit further.

Rebuild Your Credit Rating

Once you have the remaining non-dischargeable debts addressed and you know you can make those payments every month, it's time to start thinking about how to rebuild your credit score. To do this, you need to start showing responsibility with a credit account. Although most traditional creditors won't lend to you right away with a bankruptcy discharge on your credit, you can often get a secured credit card to accomplish that task. Secured cards rely on a prepaid balance as a form of collateral for the card. That way, the bank is assured of their money and you get the chance to show your responsibility with credit.

Don't Take On Unnecessary Debt

It's tempting to open up several credit accounts after a bankruptcy in the hopes that it will make it easier for you to build your credit faster. While this is great in theory, it's problematic in practice. The more open credit you have, the greater a risk you may appear to be to other lenders if you find that you really need financing for something. Take the rebuilding process slowly and avoid opening up any more credit accounts than you absolutely need.

Avoid Fast Repair Services

You're likely to get offers in the mail from various companies offering you quick-fix credit repair. Remember that the only thing that truly rebuilds your credit is time and a consistent payment history on your accounts.

Once a bankruptcy is discharged, your next moves will have a significant and direct effect on your credit future. These tips and the help of a bankruptcy attorney will help ensure that you come out the other side of this process with the credit score you're looking for. For more information, contact a bankruptcy attorney, like one from Reppe Law Office.


About Me

Make A Great Impression In The Courtroom

Hello, I'm Phillip Kerr and I just love the legal profession and courtroom drama. Have you ever watched judge shows on TV? I know that these shows are not an accurate representation of the courtroom, but there is something you may have noticed. Some individuals come into the courtroom well-dressed, articulate, respectful and with the knowledge and documents necessary to support a case, while others come unprepared, slovenly dressed and appear as if they do not have a care in the world. How you present yourself and the knowledge that you have of the law will have an impact on how you are treated, even if you have legal representation. This blog is designed to assist those who are going to trial in doing just that.