Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

How to rebuild credit after a bankruptcy filing

Some Wisconsin residents are reluctant to file for bankruptcy protection because they are afraid that it will permanently affect their credit scores. However, by taking the right steps, it’s possible to rebuild credit after filing for bankruptcy.  

Earlier this month, a USA TODAY article provided some great tips for doing this, according to a spokesperson for the National Foundation for Credit Counseling. The first step, the spokesperson said, is to get back on track financially, which means paying off debts and sticking to a budget. 

It also means obtaining a free credit report (perhaps from AnnualCreditReport.com) and checking for inaccuracies. Finally, it's important to get familiar with how credit reporting works so that you can keep a close eye on your credit score in the coming years.

Once you are ready to start building credit again, the spokesperson said to look for the best offers for your situation. A small personal loan from a credit union can help you build your credit score, though it might require a co-signer.

Another option is to find a credit card for your situation, the spokesperson suggested. Bankrate.com provides information on different banks that offer credit cards to people without good credit. Until you have built up your credit, a secured card may be the best bet.

Once you have made consistent payments on your credit accounts over a period of time, you will notice that your credit score has improved. It won’t be long before you are able to qualify for an unsecured credit card, an auto loan or a mortgage.

Of course, it’s still extremely important to exercise caution when it comes to credit accounts as there is a limit on the number of times a person can file for bankruptcy, and we all know how easy debt can spiral out of control. 

Source: USA TODAY, “Personal Finance: Re-establish credit after bankruptcy,” Robert Powell, July 3, 2014

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map