After bankruptcy, you must take steps to rebuild your credit and move forward financially. While the bankruptcy court mandates that you take both a credit counseling and a debt education course to receive a discharge, there are additional things you can do to improve your financial future. For example, you can take specific steps, such as opening lines of credit, to improve your credit score. Daigle Law Office offers help with credit rebuilding and financial guidance to all bankruptcy clients, as explained below.
Rebuilding Credit After Bankruptcy
After bankruptcy, it’s important for you to focus on rebuilding credit. The 720 Credit Score rebuilder program helps people who have recently gone through bankruptcy with realistic strategies to improve their creditworthiness. One such strategy is opening secured, low-limit credit cards and paying them off regularly to boost your credit score. The 720 Credit Score rebuilder program also guides you through fixing errors on your credit report that could hurt your score in the long run.
If you commit to improving your credit after your bankruptcy is discharged, you can likely raise your credit score substantially in about 18 months. You need to show creditors that you can pay off debts in a timely manner. Doing so will build a good credit history that eventually pushes old debts off your credit report.
Daigle Law Office automatically enrolls you in the 720 Credit Score rebuilder program when you work with us for your bankruptcy. We encourage you to complete the program after your bankruptcy case ends. Our clients have seen impressive results with their credit if they follow the program. After bankruptcy, we think it’s important to rebuild credit and establish a strong financial future. We want clients to responsibly improve their credit scores using a proven tool.
Your Finances After Bankruptcy
In addition to rebuilding your credit, you will need to take control of your finances after bankruptcy. Take advantage of the clean slate that a bankruptcy discharge gives you, and work on maintaining a budget, paying bills on time, and managing your spending. Good financial habits will also help improve your credit score. As your credit score rises, you can take advantage of lower interest rates and larger lines of credit if you need them. However, it’s important to keep paying your bills on time to avoid slipping back into debt. While some people do file for bankruptcy multiple times, it’s best to avoid it. Once you’ve received your bankruptcy discharge, move forward with the goal of not having to file again. As the Supreme Court stated in a 1934 decision, bankruptcy “gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.”
Frequently Asked Questions
Does bankruptcy hurt your credit score?
Having a bankruptcy on your credit report (and it will appear on your credit report) can hurt your credit score in the short term. However, people who decide to file for bankruptcy usually really need relief from overdue debts and can typically handle a lower credit score for a short time. The key to rebuilding credit after your bankruptcy is over, is using targeted, proven strategies. We have seen clients raise their scores substantially within about 18 months after their bankruptcy cases end by following the strategies outlined in the 720 Credit Score rebuilder program.
Does the bankruptcy court help debtors learn better financial management?
Before you even file for bankruptcy, you must complete a credit counseling course from an approved agency. You need to submit proof of completion with your bankruptcy filing. After you file and before you receive a discharge, you must complete a debtor education course as well. Both of these courses can help you learn more about credit and your finances.
Rebuilding Credit: Contact Massachusetts Bankruptcy Lawyers You Can Trust
Are you looking for a dependable, experienced lawyer to assist with your bankruptcy and financial recovery? Daigle Law Office’s attorneys can provide you with experienced Massachusetts bankruptcy help. It’s not easy to deal with financial problems, but we will assist you with accessing the tools that can make a difference. Daigle Law Office helps clients dealing with tough situations who need solid, reliable legal advice. To schedule a consultation, call 508-771-7444 or use our convenient Contact Form.
