Recovering From Bankruptcy

At the Las Vegas law firm of Peters & Associates, LLP, our attorneys provide you with personal service throughout your Chapter 7 or Chapter 13 bankruptcy, including providing advice and counsel on how to recover from bankruptcy and rebuild your credit in the months following your bankruptcy discharge. Some people worry that filing for bankruptcy will ruin their credit rating. While it is true that a bankruptcy is reported on your credit report for seven years in the case of Chapter 13 or ten years in the case of Chapter 7, there are several steps you can take almost immediately to begin rebuilding your credit, such as applying for a credit card, checking and disputing your credit report, and keeping up with your bills.

Apply for a Credit Card

Even if your current cards were cancelled when you filed for bankruptcy, obtaining a new card is not as hard as you think. If you cannot obtain a major credit card or gas or department store card, you can still obtain a secured credit card. After establishing a use and payment history with a secured card, you may then be able to move to an unsecured card.

Of course, if overspending on your credit cards is what caused you to need bankruptcy in the first place, be sure that you have had proper credit counseling and understand how to use credit cards responsibly.

Check Your Credit Report

You will need to make sure that debts discharged in bankruptcy are reported accurately on your credit report. It is also a good idea to monitor your report regularly to make sure old or inaccurate data is removed or corrected. Remember that there are three major reporting agencies, and your report with each company should be checked regularly.

Keep Up With Your Bills

Late or missed payments can show up on your credit report and damage your score. A clean payment history, on the other hand, is looked upon favorably by lenders. Paying bills on time is a no-brainer for some people and a challenge for others. Although it is not always easy, it is worth the effort to avoid fees and keep your report clean.

A Word About Credit Repair Companies

You may have already received offers from companies claiming to be able to fix your credit. Please be aware that nobody can remove a bankruptcy from your credit report early, and any company claiming to be able to do that may be a scam. Save your money. Follow the steps on this page, or see the Federal Trade Commission for more advice. But don't hand over your hard-earned dollars to a scammer that either won't do anything you couldn't do yourself or won't do anything at all.

Don't Let Concern About Your Credit Score Keep You From Filing For Bankruptcy

If you continue to fall further behind in debt, piling up delinquent notices from multiple creditors or losing your home and possessions to foreclosure and repossession, then your credit score will only continue to decline. Think of bankruptcy as the first step in rebuilding your credit, and let the attorneys at Peters & Associates, LLP help you along the road to financial recovery. Contact Peters & Associates, LLP for a free consultation regarding how we can help you accomplish adequate and effective debt relief.