Learn About Your Credit Rating After Bankruptcy

Learn About Your Credit Rating After Bankruptcy

Michael J. Logan, Ltd. · Springfield, Illinois
More Than Three Decades' Experience As A Bankruptcy Attorney
Call 866-258-6719 Or Email

One of the most frequent and important questions that our clients ask when deciding whether to file a bankruptcy petition is, "How will I rebuild my credit after the bankruptcy proceedings are complete?"

Even though our clients are usually ready to use a Chapter 7, Chapter 13 or Chapter 11 bankruptcy petition to erase or restructure unmanageable debt, they still want to know what effect the bankruptcy petition will have on their credit.

At the Springfield, Illinois, law office of Michael J. Logan, Ltd., we strive to give full answers to all our clients' questions. This allows people to make well-informed decisions about whether to file a bankruptcy petition and sets them on the right path to rebuilding their credit and their financial lives.

Your Credit Rating Is Almost Guaranteed To Improve

As a general rule, people usually do not file bankruptcy petitions until their financial situation is truly in crisis. This usually means that our clients are far behind on payments to their mortgage companies and other creditors or loan companies. Many of our clients already have debt collection judgments against them and are facing wage garnishments or home foreclosure.

As a result, most of our clients' credit ratings have already taken serious hits. Thus, your credit rating after a bankruptcy petition is almost guaranteed to improve. In other words, for most of our clients the quickest path to improving their credit scores is through bankruptcy. A history of responsible use of a credit card will increase your rating but you must pay your monthly payments on time. Keeping current on all monthly payments is essential.

Seeing The Improvement In Your Rating

Slowly but surely, your credit rating after a bankruptcy proceeding will improve.

  • You may receive credit card applications in the mail as early as a few weeks after the bankruptcy discharge.
  • Less than a year after your bankruptcy discharge you may be able to qualify for a car loan.
  • One to two years after a bankruptcy discharge you may be able to qualify for a home loan.

Bankruptcy proceedings are an excellent opportunity to rebuild your credit rating and begin a new way of managing your finances that decreases your debt obligations and allows you to live free from the fear of debt collection lawsuits and home foreclosure.

Contact Michael J. Logan, Ltd., For A Free And Personal Case Assessment

As part of your private and complimentary initial case evaluation, we will review your credit rating and give you practical advice about whether and when you should consider filing a bankruptcy petition to get a fresh financial start. We can also assist you in understanding how credit after bankruptcy works.

Complete our personal case assessment or call toll free 866-258-6719 to make an appointment with experienced bankruptcy lawyer Michael J. Logan at our firm.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.