Short answer is yes, you can get credit again after Bankruptcy filing whether it is a Chapter 7 or Chapter 13 Bankruptcy. You can start out by applying for 2 credit cards to rebuild your credit score. Many are surprised by this advice. Isn’t credit cards the problem in the first place. My answer is this works only if you can manage what you put on your credit card. I tell my clients who just received a Discharge in their Chapter 7 or Chapter 13 Bankruptcy case to only put grocery and gas expenses on their 2 credit cards. That usually amounts to no more than a couple of hundred dollars per credit cards. This is a very manageable amount for my clients who can just pay off the balance before the due date. I tell them not to even let a penny carry over to the next statement. If so, your credit score will remain low. I tell them to keep this up for two years and they will see an increase in their credit scores from the date right before and after they file their bankruptcy case.
Some clients tell me that they don’t need credit ever again. That is not true. At some point you might want to move to a different home or need a new car to replace the one that no longer runs. Even utilty and phone company pulls up your credit before giving you an account.
I do have some success stories where clients were able to buy their first homes at least 2 years after their bankruptcy filing. I will always remember the time when one of my client’s sister came to my table while I was having lunch with my mother and thank me for helping out her brother and sister-in-law because now they have their own home. I love a happy ending and I am always happy to hear that my clients are doing better after bankruptcy filing. So keep forwarding the happy stories to me when you see me in person or even a phone call will do.
For a consultation with experienced Sacramento Bankruptcy Attorney Muoi Chea, call 916-441-4205. Muoi Chea has been a Bankruptcy Attorney for over 15 years filing Chapter 7 and Chapter 13 Bankruptcy cases throughout Northern and Central California. I helped consumers and small business owners from Sacramento, Elk Grove, Roseville, Rocklin, Vacaville, Fairfield, Dixon, Vallejo, Davis, Woodland, Galt, Lodi, Tracy, Stockton, Modesto, and other nearby cities in California.