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Rebuilding Your Credit After Bankruptcy



Bankruptcy Can Fix Bad Credit

Many people avoid filing bankruptcy because they are afraid it will ruin their credit. In reality, if you are behind on your bills and significantly in debt, your credit score may have nowhere to go but up. Filing bankruptcy can actually be a way to improve your credit.

After you obtain a discharge of debt by filing bankruptcy, you will have significantly less debt than you had before. If you are able to keep up with your bills after bankruptcy, your credit will begin to improve - perhaps faster than you think.

At the office of Alva Wesley-Thomas & Associates, P.C., our lawyers offer a free initial consultation to the effect of bankruptcy on your credit. With an office in Houston, we serve people throughout south Houston including Missouri City and Stafford.

How Do I Rebuild My Credit After Bankruptcy?

There are three main credit reporting agencies: EquifaxExperian and TransUnion. Each of these agencies will assign you a credit score based on factors such as your credit history, whether you make payments each month on credit card balances and loans, and how much of your available credit you are using.

Your credit history will go to zero after you file bankruptcy. For this reason, it's important to obtain a new credit card right away so you can start rebuilding your credit history. You may need to get a secured credit card initially.

Once you have a credit card, stay current on your payments. If you have a car loan or mortgage, you need to stay current on those payments as well for your credit to improve.

You should be careful how much of your available credit you use. Ideally, you should pay off credit balances at the end of each month. Don't take out multiple credit cards and carry a balance on each. You may end up in significant debt again.

If you follow these three steps, you should be able to rebuild your credit in one to two years. While your bankruptcy filing will remain on your credit report for 10 years, bankruptcy does not have the stigma it once had.

Contact Our Houston Credit Repair Lawyers

If you would like to discuss any of these matters or some other type of legal concern with an attorney at Alva Wesley-Thomas & Associates, P.C., please contact us. We offer free initial consultations. If your legal concern falls outside the areas handled by our law firm, we can refer you to a trusted peer in the legal profession.



Contact Information

Alva Wesley-Thomas & Associates, P.C. 
6161 Savoy Drive 
HoustonTX 77036 
Phone: 713-278-0800 
Fax: 713-278-0490 
Email: AlvaWesleyThomas@Yahoo.com