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Tips for rebuilding credit after bankruptcy

On Behalf of | Dec 26, 2018 | Bankruptcy |

As an Ohio resident who recently filed for bankruptcy, you may be working to get your finances back in order in the aftermath of doing so, and part of this process will entail rebuilding your credit. At Kennel Zeigler LLC, we recognize that rebuilding credit is an important part of the bankruptcy process, and we have helped many clients facing similar circumstances work to navigate this and other bankruptcy-related issues.

According to Nerdwallet, your credit score will almost certainly take a hit after bankruptcy, but it may have been in poor shape anyway if you made the decision to file in the first place. A Chapter 7 filing may have given you the clean financial slate you needed to start over, so now it is time to rebuild your credit and continue getting back on top of your finances. So, where should you start?

One way you can begin to rebuild your credit after bankruptcy is to make sure to keep emergency funds on hand so you do not end up having to rely on credit cards, payday loans or similar alternatives. Some of these options may ultimately do you more harm than good. Next, you may want to consider applying for a secured credit card, which gives you access to an account you fund yourself. Though secured credit cards may have annual fees, you may be able to use one for the time being to help raise your credit score after bankruptcy.

Another route you may want to consider in the aftermath of a bankruptcy filing is to obtain a credit card using a co-signer. Only do so if you have the utmost confidence in your ability to pay this person back, however, because while this step can boost your credit score, it can also potentially ruin a personal relationship. You can find more about the bankruptcy process on our webpage.

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