A bankruptcy may stay on your credit report for up to 10 years; however, this does not mean you have to wait 10 years to get a new credit card or buy a new home. With the help of a bankruptcy lawyer at our firm you can start to quickly rebuild your credit and put the bankruptcy behind you. At Florida Law Advisers, P.A., we provide a comprehensive strategy to help our Florida clients rebuild their credit after declaring bankruptcy and keep their life on track. A Tampa bankruptcy attorney at our firm will develop a customized credit restoration plan based on your specific needs. When developing a plan for you, we consider all of the circumstances of your case, including your short-term and long-term credit objectives to create a plan that is right for you.
In some cases, our credit restoration plan will include:
Consult a Bankruptcy Attorney in the Tampa Bay Area Today About Life After a Bankruptcy in Florida
Our bankruptcy attorneys know there will be challenges to regaining a high credit score. That is why we always provide our clients with reasonable expectations. If you are considering filing for bankruptcy or need help restoring your credit due to bankruptcy, do not hesitate to contact Florida Law Advisers, P.A., for help. A bankruptcy lawyer at our law firm will be glad to answer your questions, discuss all of the possible options with you and help you regain your financial strength. Our initial consultation is free, and we offer flexible, low-cost payment options for all of our clients. Our Florida attorneys will help you keep your life on track after filing for bankruptcy.
Creating a Savings Account:
Most credit cards are unsecured loans, meaning there is no collateral the lender can repossess if you fail to pay. Lenders typically have tougher qualifications and charge higher interest rates for loans without collateral. If you are not able to obtain an unsecured credit card, you should start a savings account at a credit union and make regular deposits. Even depositing $10 a month will begin to build up your savings account. Then, after a few deposits, you may be able to get new credit using the savings account as collateral.
Obtaining New Credit:
Credit bureaus like to see that lenders are extending you credit and that you are able to pay them back on time. In most cases, the more credit you have that is being paid back on time, the higher your credit score will be.
Realistically, you may not qualify for large amounts of credit immediately after filing for bankruptcy. However, this should not prevent you from seeking small amounts of credit. For instance, new credit cards with a balance of only $300 can help improve your credit score. While many credit card companies will be skeptical about extending credit so soon after bankruptcy, some retailers may be more willing. Retailers (such as gas stations, for example) will often have less restrictions for new applicants in comparison to the banks.
We will get a copy from each of the three credit bureaus (Experian, Transunion, and Equifax) to ensure that all of the debts you discharged in bankruptcy are correctly reported. You can get a head start in rebuilding your credit by ensuring your credit report is accurate and updated immediately after declaring bankruptcy. In addition, we can help you send written explanations to the credit bureaus explaining why you filed for bankruptcy as well as informing them of the result of your case. This strategy may help limit the immediate effect that filing for bankruptcy can have on your credit.
Frequently Asked Questions
Bankruptcy is designed to give borrowers a fresh start and provides the opportunity to discharge bills, collection accounts, and judgments. When the debts are discharged and removed from your report, the credit score should increase. Many borrowers will see a substantial increase in their credit score within just a few months after bankruptcy.
New credit cards with a balance of only $300 can help improve your credit score after bankruptcy. While some banks may be skeptical about extending credit so soon after bankruptcy, some retailers may be more willing to do so. Retailers (such as gas stations, for example) will often have less restrictions for new applicants in comparison to the big banks.
Yes, filing bankruptcy does not prevent you from obtaining a new home mortgage. However, the government mortgage programs such as VA, FHA, and Fannie Mae have a 24-month waiting period for eligibility after bankruptcy. Other mortgage programs may have a shorter or longer waiting period, depending on their specific guidelines.
Yes, many car loan lenders will have no restrictions or waiting periods after bankruptcy. There are many car loan lenders who will provide financing for a new car the same day your bankruptcy is completed.