How Do I rebuild My Credit Once I Have Filed Bankruptcy In Florida?
Whether a debtor files Chapter 7 or Chapter 13 really makes no difference on his or her credit report. The bankruptcy will be on your history for ten (10) years. However, it is a common myth that debtors who file bankruptcy will struggle to ever receive another line of credit.
Basically, there are two reasons a creditor will be willing to extend credit after you have received a discharge from your bankruptcy. If your case is dismissed or you do not receive a discharge for whatever reason, this is not applicable to you.
1) After your discharge, the creditor knows you cannot file for bankruptcy again for at least a few years and you will be personally liable to them in the interim.
2) After your discharge, you should have some extra cash to pay back your new creditor because a lot of your old debt has been discharged.
You can begin rebuilding your credit by staying current on your bills (including utility) and other daily living expenses. If applicable, stay current on your secured debt that was not discharged in bankruptcy. If you continue to pay your car loan on time until the end date or stay current on your mortgage you will have already begun strengthening your credit score.
If you have questions about bankruptcy in general or alternatives to bankruptcy, please contact my office.
a Jacksonville Bankruptcy Attorney.
Greg Gilbert
Keith Maynard
