CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

Life after Bankruptcy: Repairing Bad Credit

Bankruptcy is often touted as a fresh start following a tough financial phase. It is true – life does go on after bankruptcy and if you truly want to make the most of the experience and enjoy a fresh financial start, there are a few things you should know. There is no sense filing for bankruptcy if you are not going to use it as a learning experience and do the work it takes to get your credit back on track.

Applying for New Credit

Your first instinct after a bankruptcy might be to avoid credit all together. Unfortunately, this isn’t going to do you much good if you are hoping to rebuild your credit score. Lenders need to know your situation has changed and that you are now a good risk. If they have nothing by which to measure your risk other than your pre-bankruptcy credit habits, they will assume nothing has changed.

The key to re-establishing credit is to start slow and make smart choices. You will have limited credit card options, but it is still important to understand what is available and make the best choice. Research your options before applying because you do not want to submit a bunch of credit card applications just to see what happens. Every credit card application affects your score, so you are better off submitting just one for which you feel confident you will be approved.

Avoid credit card gimmicks that target people with bad credit. These cards have astronomically high interest rates and fees. Also keep in mind prepaid cards do not report to the credit bureau.

It is also important that you determine why a credit application was turned down. You might assume it is related to your bankruptcy and weak credit score, but there could be another reason. You can remedy the problem before applying for another card.

Managing Credit Wisely

Once you are approved for a new credit card, you need to be responsible about using it. Making purchases you cannot afford and paying only the minimum amount due on your card each month is not going to help you rebuild credit. It is important to keep the total amount owed on your card below the credit limit and pay the bill on time, preferably in full each month.

In addition to managing your new card wisely, you should also use care in managing your other payments. Missed payments on utilities, medical bills, and various fines can be reported to the credit bureaus, so you want to make every effort to stay within a budget and pay everything when it is due. To learn more about managing your new credit wisely, read this article.

Bankruptcy is an opportunity to turn your financial life around, but filing alone is not enough to make a difference. You must also work to rebuild what was damaged.

If you would like to know more about bankruptcy or you have questions about how your life will look after bankruptcy, we’re happy to help. Contact the Law Offices of Robert M. Geller at 813.254.5696 for more information.

Tampa Bankruptcy Law Blog

3 Reasons Why Bankruptcy Cases Get Dismissed and What This Means for You

Bankruptcy Case Dismissed There are two possible outcomes for those filing for bankruptcy. It doesn’t matter if you qualify for...
Read More

Who Files for Bankruptcy?

Should I File for Bankruptcy? If you’re considering bankruptcy and you feel as if you’re the only person in the...
Read More

3 Reasons Your Student Loan Debt is Ruining Your Financial Future and How Bankruptcy Might Help

Student Loan Debt Taking out a loan or multiple loans to attend college is nothing new. Students have been using...
Read More

What Happens If You Miss Your 341 Meeting?

341 Meetings are One of the Most Important Obligations in Bankruptcy There are several requirements you must meet when you...
Read More

3 Things to Help You with Post Bankruptcy Credit Repair

Bankruptcy Credit Repair One of the biggest challenges you’ll have post-bankruptcy is getting credit extended to you. But for most...
Read More

What is the Real Reason People are Filing for Bankruptcy?

Can filing for bankruptcy help you with unpaid medical bills? One of the most common misconceptions about bankruptcy is that...
Read More

What You Need to Know about Bankruptcy Court

Bankruptcy Court Bankruptcy is a process that many people find intimidating. In part, this is because they must turn their...
Read More

What to Expect from Bankruptcy Counseling

Bankruptcy Counseling Filing for bankruptcy is not an easy decision. For many, it’s their only option for getting the debt...
Read More

Why Hiring a Bankruptcy Attorney is Worth the $ [Infographic]

Everyone who files for bankruptcy must complete a bankruptcy petition. It can be up to 40 pages and filled with...
Read More

What Really Happens When You Declare Bankruptcy?

How to Declare Bankruptcy Bankruptcy is a last resort for many who file. After attempting to clean up a messy...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy

Bankruptcy Book

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay OnlineBankruptcy Courses

National Association Of Consumer Advocates Logocomodoavvo1avvo2avvo3LEA
BBB LogoRG Seal

Tampa Office

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405


Tampa Bankruptcy Lawyers Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: (727) 532-3939


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.