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  • How to Repair Your Credit after Filing for Bankruptcy (Part 1)

    Although a bankruptcy can stay on a borrower’s credit report for up to 10 years, borrowers can take the following steps to significantly repair their credit after bankruptcy.

    Although a bankruptcy can stay on a borrower’s credit report for up to 10 years, borrowers can take the following steps to significantly repair their credit after bankruptcy.

    Filing for bankruptcy is a great solution for many people who are overwhelmed by debt and who need a financial fresh start. However, simply filing for bankruptcy is typically the first step on the road to financial recover, as borrowers will have to continue to be diligent about their finances and their credit once their bankruptcy case is resolved. Although a bankruptcy can stay on a borrower’s credit report for up to 10 years (though it can be removed for some in as little as 7 years), borrowers who take the following steps to repair their credit can significantly improve their credit scores and their overall financial standing.

    Here’s what you need to do to repair your credit after filing for bankruptcy:

    • Obtain at least 1 (but no more than about 3) secured credit cards – Secured credit cards are lines of credit that you will have to front a deposit for (or provide collateral for). By having a minimal number of these cards, you can focus on paying off the balance in full and on time every month, which will help improve your credit rating. To ensure that you are able to pay off the entire balance monthly (as carrying a balance on these cards may continue to hurt your credit score), only use the credit card for small purchases, like one grocery bill or your weekly gas purchases.
    • Choose your secured credit cards wisely – While you will want to pick a secured credit card that will allow you to put down the largest possible deposit you can afford (because, again, this will look good on your credit report), you will also want to steer clear of secured lines of credit that charge you excess fees (as you want your money to work for you – not the credit card company).

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (303) 730-8819.

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