How can I repair my credit after filing for bankruptcy in Miami, Florida?

One of the most common questions I get is how will I be able to repair my credit after I file for bankruptcy.  That question is followed up with, will I ever be able to buy a car/house, get a bank loan, or get a credit card if I file for bankruptcy in Miami, Florida.    The filing of a bankruptcy will have an initial negative impact on your credit score but the majority of my clients see significant improvements on their credit scores within 12 months.  Here are some things to do after bankruptcy to improve your credit score.

 

Make sure your credit score accurately reflects your bankruptcy filing:

About three months after you receive your bankruptcy discharge you should obtain a copy of your credit report and review it to see that all debts included in the bankruptcy report a zero balance or state that they were discharged in your bankruptcy.  If one or some of these debts show a balance you can dispute them on your credit report and get them removed.

 

Keep current on all reaffirmed debts or student loans:

Some debts survive bankruptcy, such as car loans or student loans.  By continuing to pay on those loans you will be reporting good credit history on your credit report and it will help re-establish your credit .

 

Obtain new credit and continue to make monthly payments:

Once you obtain your bankruptcy discharge you may receive credit card applications in the mail.  These credit cards are going to have a low limit and a high interest rate.   If you have the discipline to obtain one of these cards you should definitely do so as they will be able to help you report good credit history and help increase your credit score.

 

There is no magic formula or timetable to re-establish your credit score.  Typically clients of mine will have their credit scores increase substantially within twelve months of receiving their bankruptcy discharge.    If you are thinking of filing for bankruptcy in Broward, Miami-Dade, or Palm Beach County and would like to speak with a bankruptcy attorney then please give Shmucher Law, PL a call at 954-309-5559 or 305-741-5553 to schedule a free consultation.  We have offices in Boca Raton, Fort Lauderdale, Miami, and Plantation Florida.

 

 

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