Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free

Life after bankruptcy: what happens to your credit?

Suffering from debt is a heavy burden. You may feel like you can never recover or more forward with your life, but this is not true. Filing for bankruptcy can help you get back on your feet and get a fresh start. If your debt is weighing heavily on your mind, you might be considering making the decision to file for bankruptcy. However, you might still hesitate at the thought. Bankruptcy can be considered a taboo word, like a scarlet mark on your record.

While it is true bankruptcy will affect some parts of your life, there are ways to recover. Your credit score, for example, will not be ruined forever.

How does bankruptcy affect my credit?

After you file for bankruptcy, your credit score will go down. This is an unfortunate fact about bankruptcy, but it is not hopeless. Bankruptcy stays on your credit report for 10 years, but after this it comes off your report and is no longer readily visible. The impact of bankruptcy on your credit decreases over time, too, so you can start rebuilding your credit.

How can I fix my credit after bankruptcy?

After you file, it is possible to begin fixing your credit almost immediately. Since you do not owe the debts you discharged anymore, your credit score may begin to improve after the initial impact. In order to continue to improve your score, there are a few steps you can take.

First, you can make sure there were not any errors when you filed for bankruptcy and in your credit report. Then, you may want to consider opening a fresh line of credit, being careful to stay under your limit and pay it back in full. Alternatively, you can stay with your current credit cards but still stay careful to pay your bills and stay low in your limit.

Bankruptcy may seem like the end of the world, but there is hope for you. Even though your credit score will take a hit after filing, there are many ways you can rebuild and start fresh after bankruptcy. Concerns about your credit score should not stop you from getting a new start.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions