Skip to main content

Re-establishing good credit after filing Chapter 7 bankruptcy

I Guess this isn't really a law question but this is a bankruptcy forum so . . . Do you have any tips or ideas about how to re-establish good credit (I filed for Chapter 7 last year)? Thanks

Editor's Response

I am not an expert on this subject, but the articles I have read all make similar suggestions.  I think the best way to think about it is to consider how a person builds good credit in the first place, before the bankruptcy.  If you do not have one already, do your best to get a job and keep it for a while.  Apply for, at most, one or two credit cards.  If you have trouble getting one, apply for a secure card (often requiring you to keep a certain amount of money in an account.)   Then, once you have the card, do not max it out, use the credit wisely, and ALWAYS make the required payments in a timely manner.  Establish a checking account, make frequent deposits, and NEVER bounce a check.

 

After a few years of working on your credit, you may be able to obtain consumer financing for a car or an appliance.  Do it (in a manageable amount).  Then, again, make sure you make all required payments.  Finally, If you are going to do all this work, make sure you get credit for it:  obtain one or more credit reports each year and make sure it is accurate. If it is not, correct the mistakes. 

 

Contrary to what you might hear from your friends on television commercials, there is no speedy and easy solution.  However, although the bankruptcy will stay on your credit report for ten years, you can start establishing good credit immediately.  for more information or to post a question, visit our MA Bankruptcy Discussion Forum.  Good luck, and please tell your friends about The Forum.

Talk to a Lawyer Today
Find a Bankruptcy Attorney in your County
Most offer FREE Consultations

Recent Posts about Massachusetts Laws

ForumLast post
I have a lease until June 2012, but I am very unhappy with my living situation, I pay half of the rent. I am a....
I cannot answer this question based upon your statement. Who are they....
2/8/2012 11:00
by Alexm2012
Is it legal for Massachusetts employer to send a SALARIED employee home for the day, without pay, for a dress ....
Federal and Massachusetts courts have upheld employee dress codes as l....
2/8/2012 09:09
by Munsterwoman
Hi, I'm the grandmother of 4 beautiful grandchildren. The oldest has hit a rough spot with defiance (puberty ....
I'm very sorry about your situation and the ordeal your family is goin....
2/7/2012 23:02
by gramy
Hello. I'm in the middle of an appeal for SSDI and my attorney asked me to get a residual functional capacity....
First, I guess it's not a good sign that you do not trust your current....
2/7/2012 08:18
by Adam13
Hi everybody. I am trying to make an offer on a house, which is an estate sale. As I understand, the execut....
2/6/2012 13:50
by ilya980
I've been helping a friend pay for a lawyer to go to probate court. Her ex-Boyfriend, whom she is taking to c....
2/6/2012 12:21
by rbiddle
If I witness a person getting beat up at a party and just run away without calling the cops or helping the guy....
I don't think so.  In terms of civil liability (as opposed to cri....
2/3/2012 07:17
by Coller
My father passed away in September. The probate is over and settled, no contests to the will. My mother is the....
Your dad died in September and the probate is already settled – ....
2/2/2012 18:50
by JGraul
Hi. My cousin is charged with possession with intent to distribute drugs in a Massachusetts court. He is not a....
Unfortunately for your cousin, if an immigrant is convicted of certain....
2/2/2012 08:07
by Sister6
Just curious if you have any thoughts or have read any information regarding the success rate of divorce media....
Yes, I've also seen the 90% estimate on various websites, with some me....
1/24/2012 11:47
by RRM
Several of my colleagues will dictate consultation notes in which they state they don't have the complete hist....
The question probably boils down to whether or not such practice is wi....
10/2/2011 18:37
by Anonymous