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500 Main St, Suite J, Kerrville, TX 78028
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Texas Law Firm Assists with Post-Bankruptcy Credit Repair

Kerrville bankruptcy attorney helps consumers rebuild creditworthiness

After going through bankruptcy, the challenge of rebuilding credit can be overwhelming. At the Law Firm of Richard L. Ellison, P.C. in Kerrville, I have assisted consumers throughout Texas with numerous bankruptcy law matters and am fully familiar with their long-term impact on credit. With over 35 years of experience, I help clients take important steps to improve their credit scores as they emerge from a Chapter 7 or Chapter 13. I am well-prepared to assist you with the transition to a restored financial reputation.

Astute lawyer assesses how bankruptcy impacts credit

Filing for bankruptcy creates a temporary respite from your debt problems. You are granted an automatic stay, preventing creditors from calling you or attempting to collect on past due accounts. In a Chapter 7 bankruptcy, the majority of your debts will be discharged, allowing you a clean slate to get back on your feet. In a Chapter 13, you will be subject to a repayment plan that will extinguish your debts over time.

In either case, you can immediately begin rebuilding your creditworthiness. Your credit score may initially decrease, making it more difficult for you to purchase or rent property or to acquire loans. However, you can expect to begin receiving offers from credit card companies, either for secured credit cards or unsecured cards with higher interest rates. I can inform you on what to expect and advise you on how to stay on track towards your credit-repair goals.

Experienced attorney guides clients through steps to rebuild credit after bankruptcy

In addition to meeting the requirements for completing your bankruptcy case, you can begin rebuilding credit in the following ways:

  • Budget carefully — To build a secure financial foundation, you will need to control spending and ensure that you are saving enough for emergencies and other unexpected expenditures.
  • Pay debts on time — By borrowing reliably and managing your savings carefully, you can demonstrate that you have adopted financially responsible practices.
  • Get a new credit card — An effective way to build up your credit history is to apply for a credit card and use it carefully, e.g., by limiting purchases on your card and making on-time payments to keep your balance low. You may need to obtain a secured credit card (which requires a deposit of funds) or ask someone to be a co-signer until your credit improves.
  • Check free credit reports — It is important to check credit reports regularly and dispute any errors that appear. You can request one free report at least once every 12 months from Equifax, Experian, and TransUnion.

Generally, a bankruptcy filing will appear on your credit reports for 10 years. However, your reestablished creditworthiness will gradually lessen the impact of a bankruptcy, making it possible to improve your credit score in as few as one to two years. By maintaining good spending habits and a clean financial record, you may begin to qualify for unsecured cards and lower interest rates within a year of filing, and for leases, auto purchases, and mortgages in around three to four years.

Rebuilding credit requires time and determination, but skilled legal assistance can facilitate the process. An experienced Kerrville bankruptcy attorney can devise effective strategies for your post-bankruptcy debt repair and assist you in overcoming problems along the way. I am here to help you move forward with a practical long-term plan and a confident outlook.

Contact a dedicated Kerrville bankruptcy attorney for a free consultation

At the Law Firm of Richard L. Ellison, P.C. in Kerrville, I am committed to addressing your needs in rebuilding your credit after bankruptcy. Call 844-337-5819 or contact me online to schedule a free consultation and find out how to start.