Credit and Bankruptcy

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How Will Bankruptcy Affect my Credit?

One of the biggest concerns people have when considering filing for bankruptcy is how it will affect their credit.  They worry bankruptcy will reflect poorly on their credit history, and that they won’t be able to get loans after bankruptcy.  However, not all creditors view bankruptcy in the same way. There are some creditors that offer  loans to individuals post-bankruptcy.  Although these loans may have lower limits and above average interest rates, they provide a good opportunity for individuals to begin rebuilding their credit.

Most people are surprised to find out that the damage done to their credit score after bankruptcy isn’t as bad as they expected. In fact, continuing to default on payments will do more damage and reflect poorly on your ability to maintain financial health. Typically, those experiencing overwhelming debt already have an extensive negative credit history.

Eliminate your Debt

Bankruptcy provides a way to reduce or eliminate your debt, and removes your negative credit standing.  When you file for bankruptcy, your credit report is cleaned of high balances and delinquent accounts. Over time, bankruptcy can help by allowing a fresh opportunity to rebuild credit. After bankruptcy, your credit score is determined against how your score compares to other bankruptcy filers, which is a much fairer comparison.  Most people find their score improved after filing due to the score being calculated with taking into account the recent elimination of debts.

Following bankruptcy the best step to rebuilding your financially stable future is to evaluate your income, expenses and previous spending habits. Often times, people overlook the importance of making adjustments to their financial lifestyle and fail to stick to a budget. Tracking your spending and the due dates for bills will help with financial stability.  Apply for a manageable line of credit to being the process of reestablishing your credit history. The fastest way to improve your credit standing is to keep a low balance on the card and make consistent payments.  Consistency in your payment history will show creditors you are reliable, and improves your chances of receiving credit in the future.


Everybody I have encountered and meet with at Lee Law Firm has been positive and encouraging. And that is exactly what I needed because nobody looks forward to going through bankruptcy. The staff was honest about my situation and put my mind at ease about the process, and for the first time in months I was able to relax and focus…

on getting out of my financial situation with hope of starting over. I would recommend Lee Law firm of friends and family because I feel like they have my best interest at heart.

-- Brad H  
Contact Us





We help good people through bad times

Dallas Office

5910 North Central
Expressway Ste 1448
Dallas, Texas 75206
Phone: (214) 234-8080
Hours: Mon-Sat
8:30am - 6:30pm

Fort Worth Office

4150 International Plaza
Suite. 102
Fort Worth, Texas 76109
Phone: (817) 616-1606
Hours: Mon-Sat
8:30am - 6:30pm

Hurst Office

Principal Office
8701 Bedford Euless Rd.
Suite. 510
Hurst, Texas 76053
Phone: (817) 616-1150
Hours: Mon-Sat
8:30am - 6:30pm

Wichita Falls

2700 Midwestern Parkway
Suite A
Wichita Falls, TX 76308
Phone: (940) 202-1555
Hours: Mon-Sat
8:30am - 6:30pm