Restarting Life after Bankruptcy
Orlando Bankruptcy Attorney Helps Clients with Life after Bankruptcy
Filing for bankruptcy has gotten a bad reputation. So many people feel shame, as though filing for bankruptcy means that they have failed. They also worry themselves with questions: How will it affect my future prospects? How will it affect my credit score? While bankruptcy is not good for your credit initially, it can create a better credit score for you in the future. With the help of skilled and effective Central Florida debt relief attorney Walter F. Benenati, you can create a sound financial future.
Re-establishing Credit in the state of Florida
Focusing on these three main areas are the quickest methods of rebuilding your credit:
- Lengthening your credit history. Since your credit will go to zero if you file bankruptcy, it is important to obtain new credit as soon as possible after filing, even if you have to get a secured credit card. This allows you to begin establishing solid credit immediately.
- Making payments each month on credit cards and loans. If you file for bankruptcy, unsecured debts such as credit cards balances will be discharged, so you will be better able to stay current on payments on your new credit cards and obligations. However, don’t be late on your payments, and make wise choices as to how much you spend each month on credit card purchases.
- Using the right amount of your available credit. To improve your credit, you should try to keep your credit balance at 10 percent or less of your limit and never exceed 30 percent. This allows you to rebuild credit in a way that demonstrates your reliability.
How Long until my Credit Score is Improved?
Usually, you can rebuild your credit in about 2 years after filing bankruptcy. Since you can get a secured or unsecured credit card right away after filing bankruptcy, you should begin to slowly prove your ability to be financially responsible by working to rebuild your credit slowly.
Will Bankruptcy Always Be on My Credit Report?
Filing for bankruptcy will remain on your credit report for up to 10 years. However, your credit score will improve immediately as you use your credit card wisely, and clear your debts. Let the Clermont, Florida Law Office of Walter F. Benenati advise you as to how to make a better financial future a reality. Call him at his Central Florida office today at 407-777-7777.