Restarting life after bankruptcy

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Lee’s Summit, MO Bankruptcy Attorney Helps Clients Rebuild Their Life after Bankruptcy

Filing for bankruptcy can seem like the end of the world. How will it affect your future prospects? How will it affect your credit score? While bankruptcy is not good for your credit initially, it can create a better credit score for you in the future. With the help of skilled and effective Kansas and Missouri debt relief attorney Ronald L. Jurgeson, you can take your current situation and improve it to create a sound financial future.

Re-establishing Credit in Kansas and Missouri

The quickest way to rebuild your credit is to concentrate on three main areas:

  • The length of your credit history. Since your credit will go to zero if you file bankruptcy, it is important to obtain new credit as soon as possible after filing, even if you have to get a secured credit card. This allows you to begin establishing solid credit immediately.
  • Making payments each month on credit cards and loans. If you file for bankruptcy, unsecured debts such as credit cards balances will be wiped out, so you will be better able to stay current on payments on your new credit cards and obligations. However, don’t be late on your payments, and make wise choices as to how much you spend each month on credit card purchases. 
  • How much of your available credit, or limits, you use. To improve your credit, you should try to keep your credit balance at 10 percent or less of your limit and never exceed 30 percent. This allows you to rebuild credit in a way that demonstrates your reliability.

Length of Time until Credit Score is Improved

Usually, you can rebuild your credit in about one and a half to two years after filing bankruptcy. Also, you can get a secured or unsecured credit card right away after filing bankruptcy. You can also get a car loan immediately after filing. However, you won’t get 0 percent financing until your credit score improves. If you work at rebuilding your credit, you may even be able to buy a house around three years after filing bankruptcy.

How Long Will a Bankruptcy Be on My Credit Report?

A bankruptcy filing will remain on your credit report for 10 years. However, your credit score will begin the process of improvement immediately as you clear your debts and begin fresh. Let the Kansas City, MO Law Office of Ronald L. Jurgeson, LLC advise you as to how to make a better financial future a reality. Call him at his Lee’s Summit office today at 816-554-6968.