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Credit After Bankruptcy

Will Bankruptcy Prevent Me From Obtaining Credit Again to Buy A House or Car?

Although bankruptcy filing damages your credit, it does not prevent you from borrowing again. There are several factors lender considers to lend to borrower: how much down payment the borrower proposed to put down, amount of borrower’s income net expenses, and borrower’s credit after bankruptcy filing. Is there any delinquency, eviction, tax liens, judgement, repossession, foreclosure, etc after your bankruptcy filing? Some lenders will outright reject your application because of recent bankruptcy filing. Other lenders will charge you a higher interest rate. Whatever the case maybe if you have insurmountable debt that you cannot realistically payoff, your best option is to file for bankruptcy so that you can get a fresh start and begin rebuilding your credit and move forward. There are 2 types of bankruptcy filing Muoi Chea Sacramento Bankruptcy Lawyer, Modesto Bankruptcy Lawyer can help you with, Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. My offices are located in Sacramento, Stockton, and Fairfield, California to better serve people with financial problems throughout a Northern and Central California.

 

How can I Improve my Credit Score after Bankruptcy?

For Bankruptcy Filers in Sacramento, Stockton, Fairfield, Tracy, Vacaville, Modesto, California area (and nearby cities), you can rebuild your credit after Bankruptcy.  Even though the notation Bankruptcy will be in your credit report for up to 10 years, there are steps that you can take after Bankruptcy filing to improve your credit score.

Establish positive credit history.

Pay all bills on time.  This means, make all house and car payments before the due date.

Apply for a credit card and make a small charge.  Make sure you pay-off the balance before the due date.  Any balance that is carried forward to the next statement will not improve you credit score and could damage your credit further.

Keep your debt low.  Do not borrow more than what you can afford to pay back.

Review your credit report and fix any errors.  For more information on obtaining a FREE CREDIT REPORT, click on http://www.muoicheabankruptcyattorney.com/bankruptcy-attorney-resources-sacramento-stockton-fairfield-california/.

For more information, contact an experienced Bankruptcy Attorney Muoi Chea for a consultation.