Credit after Bankruptcy

: Chris Lee Law Firm

  Filed under: Credit Tips

Credit CardSoon after your bankruptcy, you will start receiving offers to rebuild your credit. Offers of “no credit, bad credit no problem,” while they may be tempting, these offers will often come with high-interest rates and lengthy payment terms.

When you finish your bankruptcy, and all of your qualifying debts are discharged, at some point in the future you might be looking to get credit for the purchase of property or a vehicle. Since bankruptcy stays on your credit report for ten years, you may find that you need a loan long before then.

Financially Responsible

If you pay your bills on time and have no further negative issues on your credit report for a few years, you may be able to get reasonable rates on a loan. Creditors will take into account that you have learned to manage your debt better after the bankruptcy.


Sometimes credit offers will be in the form of a reaffirmation agreement, in an attempt to collect on a discharged debt. These credit card companies will offer new credit, but only if the balance of the discharged debt is added to the new account. You will want to avoid these since you already legally eliminated that debt with your bankruptcy discharge.

If you are worried about your credit after bankruptcy and your ability to purchase large items with credit, speak to a Plano bankruptcy attorney to get more facts.

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