LIFE AFTER BANKRUPTCY: 6 FACTS TO KNOW (PT. 2)
Resuming Life after Bankruptcy: 6 Facts to Know (Pt. 1), here, more important info about what to expect following a successful bankruptcy case will be revealed.
More Important Info about Life after Bankruptcy
3 – Getting a credit card after bankruptcy can be a bit more challenging.
Given that life after bankruptcy can mean dealing with some credit impacts, this fact may not be that surprising. This is because, when people have fresh bankruptcy cases on their credit reports/records, lenders and creditors can be reluctant to issue them the same types of credit as may have been available to them prior to the bankruptcy case.
In turn, this can mean that life after bankruptcy – in terms of starting to get new credit – can involve:
Taking out “secured” credit cards, which usually means that people have to front the money for these lines of credit
Dealing higher interest rates for some time
Having lowered limits for some time.
When, however, people can establish a history of responsibly using credit in their life after bankruptcy (e.g., by paying their bills on time, etc.), they can slowly start to improve their credit after bankruptcy.
4 – There can be other ways to improve credit in life after bankruptcy.
While taking out one or two lines of credit after bankruptcy can help you start to slowly improve your credit, so too can:
Not taking out too many lines of credit too quickly after bankruptcy
Only using your credit for certain things (in order to avoid racking up excessive charges
Not carrying a balance on credit cards from month to month
Not canceling open cards too soon
Not juggling credit card balances between cards (transferring them multiple times to different cards).
With a more Gestalt perspective on responsibly using credit – and with some persistence, people can start to see their credit scores inch higher and higher in their life after bankruptcy.
Don’t miss the conclusion to this blog series for a few more important facts about life after bankruptcy.
Denver Metro Area Bankruptcy Attorneys at Garcia & Gonzales, P.C.
Are you looking for real relief from serious debt? If so, you can trust the experienced Denver bankruptcy attorneys at Garcia & Gonzales, P.C. to provide you with experienced help, honest answers and the highest quality legal services. With more than 50 years of combined legal experience, our trusted lawyers have the legal knowledge, skills and insight you can rely on to help you favorably resolve your debt issues and obtain a financial fresh start.
Serving individuals, families and businesses throughout Denver and Colorado since 1977, our attorneys can always be trusted to help you achieve the best possible outcomes to your financial issues.
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