Roseville Bankruptcy: Getting Credit After Bankruptcy

The first thing you should understand is that bankruptcy is perhaps the worst single negative which can be on your credit report.  That said, you can still begin to re-establish your credit immediately after a filing.  Lenders define credit as your ability to borrow, and they consider many factors but the most important is the relationship between your income and expenses.  If you have more outstanding debt than income available to service the debt, then by definition you have no credit.  In all likelihood, if you are visiting our site you have no credit because you already have more debt than you are able to pay.

Though bankruptcy makes your credit take a hit in the short-term, in the longer term it may be the only way to reduce your debt-income ratio allowing you to borrow in the future.  In fact, some lenders actually target people who have filed bankruptcy because they know that you cannot re-file for eight years.

Often, our Roseville clients buy cars immediately upon discharge of their debts.  Similarly, home lenders frequently have programs in place to help post-bankruptcy borrowers beginning just a couple years after your bankruptcy.  Credit card offers will begin arriving in the mail almost immediately after discharge.  Still, Sagaria Law cautions you to avoid the credit card trap by accepting such offers.  Call us now to schedule your appointment and learn more about strategies to improve your credit after a bankruptcy filing.

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