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Written By: Brandy Miller | March 13, 2018 | No Comments

Look at Bankruptcy as a Tool to Rebuild Your Credit

Berks County Bankruptcy Lawyer Larry Miller, Jr.

I’ll make sure your Bankruptcy puts you on track to rebuild your credit and a bright financial future.

If you’re thinking of filing, or already filed, for Bankruptcy your credit rating is probably already significantly negatively affected. But your goal should always be to use Bankruptcy as a way of getting a fresh financial start. Eliminating some of your debt and coming up with a manageable repayment schedule for remaining debt provides a means of re-establishing good credit over time.

Start Rebuilding Your Credit After Bankruptcy by Understanding How Credit Works

Credit Bureaus determine your credit score on your credit history. Your credit score is a three-digit number determined by

  • amount of debt you carry;
  • number of payments you make on time;
  • number of loans you have defaulted on;
  • recent Bankruptcy filings; and
  • other factors.

Pay Your Bills On Time and In Full

This one’s obvious. Paying your bills on time and in full is the most critical factor in rebuilding your credit rating with time. Pay utility bills, credit card bills and other bills

  • faithfully;
  • on time;
  • and in full.

Set up an automatic payment plan if you have to because even one missed or late payment can set you back. Luckily, filing for Bankruptcy should ensure you have less debt to pay, which can make it easier for you to meet your financial obligations.

Note: It’s critically important to set up a realistic payment plan in your Bankruptcy filing. It’s a good reason to use one of our experienced Bankruptcy Attorneys to help you think this through. That’s because it’s often a case of poor budgeting skills that caused your Bankruptcy in the first place. You may need to learn new financial skills. Never forget our goal is to give you a fresh new start and a bright economic future.

Take Out a Small Loan and Repay It

You can also take out a minimal loan and repay it to show lenders you can handle financial responsibility. You may qualify for small loans or bad credit loans quickly after Bankruptcy. Your interest rate will likely be extremely high. But the high-interest rate is one of the costs of rebuilding your credit. Taking out small loans you know you can repay almost immediately helps restore your credit by showing you can handle debt again.

Resuming Normal Credit Activities

More financing options become available to you as your credit improves. You can resume using credit cards and other financing options. Just make sure you do so responsibly, don’t overextend yourself, and pay your balances in full every month.

You Won’t Find Better Bankruptcy Lawyers in Berks Country Around Reading

Understanding how to use your Bankruptcy to improve your credit rating should be a fundamental part of your Bankruptcy plan. No one is better qualified to help you devise that plan because we

  • 40 years’ experience in PA Bankruptcy Law;
  • helped hundreds of people File for Bankruptcy in Berks County communities around Reading, PA;
  • knowledge of precisely what the court is looking for and expects in you filing documentation and schedules;
  • have a full breadth of Bankruptcy related legal expertise including Business Dissolution, Business Contracts, Business Taxes; Spousal Support and Alimony, Child Support and Estate Planning; and
  • very importantly, a reputation in Berks County for being the most supportive law firm to assure you everything will be OK.

Contact Us Online or Call Us at 610-670-9000 today. We’ll begin the process of getting your finances in order giving you fresh new start.

Miller Law Group Berks County Law Offices in West Lawn, PA

Miller Law Group’s Berks County Law Offices are in West Lawn, PA near Reading.

We offer

  • Convenient, Easy and Safe Free Parking;
  • Easy Access Ramp; and
  • Spacious, Well-Lit Offices

Take a Virtual Tour of Our Office and Get Directions