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Rebuilding Credit After Ohio Bankruptcy

TALK TO AN OHIO BANKRUPTCY ATTORNEY TODAY (614) 523-3106

 

Re-Establishing My Credit After Filing Bankruptcy in Ohio

 

After you file for bankruptcy protection, you can expect your credit score to fall substantially in all three major credit bureaus. This however may not be that dramatic of a decrease if your credit has been falling due to late and missed payments for credit cards, and other debts. More importantly, whether your are filing for a fresh start under chapter 7 bankruptcy protection or for chapter 13 bankruptcy debt re-organization, you are taking the first steps toward rebuilding your credit by ending the vicious cycle of debt. In fact, you will likely find it easier to begin the rebuilding process since your bankruptcy will have freed you from much or all of the debt that has been creating the financial struggle.

 

Credit cards, car loans, mortgages and other credit

You may be surprised that it is not too difficult to obtain a credit card after your bankruptcy has been discharged. The one drawback is that you will likely have to pay a higher interest rate on the credit card or put down a deposit with the credit card issuer, or both. Car financing is also available, both after the discharge of a chapter 7 or 13 bankruptcy, as well as during the repayment period of a chapter 13 bankruptcy if permission is granted by the trustee. Mortgages are also available to those who have filed for bankruptcy. While there is not a standard waiting period to apply for a new mortgage, most people who have filed bankruptcy will wait for 2 years or longer after the discharge due to the terms of the mortgage including higher interest rates that are likely to be faced prior to that period. In general, credit will be available after the discharge of your bankruptcy, however the terms may not be too favorable until you have rebuilt your credit and proven to lenders that you are a responsible borrower.

 

Rebuilding Credit after discharge of a bankruptcy

There are several steps that can be taken to re-establish and rebuild your credit after filing bankruptcy in Ohio. The first, and most significant step it to keep current on all of your bills and debts. It is also a good idea to order a copy of your credit report from each of the three major credit bureaus Equifax, Experian, and TransUnion. You can visit www.annualcreditreport.com to obtain a free copy from all three annually, or request your credit report through numerous other fee based credit monitoring services. When the report arrives you should verify that all of the creditors included in your bankruptcy are listed as such; that there are no accounts that are not yours; and that accounts show the proper “open” or “closed” status.

 

Keeping in mind that the first step of paying all bills on time, you can begin to re-establish credit. This can be done by applying for credit cards, vehicle loans, or through other retail credit offerings. Keep in mind that you are limited on the types of cards or other credit that you can be approved for, so you will want to research what offerings are available for rebuilding or starting credit prior to applying.

 

Once you have received that credit card or other retail line of credit, use it sparingly, but do use it and make sure to make the payments on time. If you get an automobile loan, again it is most important to make the payments on time. Over time, with regular on-time payments your credit score will begin to rise. While both the chapter 7 bankruptcy and the chapter 13 bankruptcy will appear on the credit bureaus for up to 10 years after discharge, you can rebuild your credit score and purchasing power.

 

At your free initial consultation with a bankruptcy attorney at Sheppard Law Offices, we can discuss in more detail the effect you can anticipate a bankruptcy to have on your individual credit and how to begin the rebuilding process. Take the first step to financial recovery and call us at (614) 523-3106 to speak with a bankruptcy attorney today.

 

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Sheppard Law Offices - Columbus

Sheppard Law Offices

The Columbus, Ohio bankruptcy debt relief and taxation law office of Sheppard Law Offices, LPA is conveniently located just inside I-270 off of Cleveland Ave. Our offices provide a short drive from throughout Central Ohio including counties of Franklin, Delaware, Knox, Marion, Licking, & Fairfield. We regularly serve  Debt  & Tax needs of clients from  Columbus, Westerville, Bexley, Dublin, Sunbury, Delaware, Fredericktown, Johnstown, Centerberg, New Albany, Gahanna, Pickerington, Grandview, Upper Arlington, Clintonville, Groveport, Pickerington, Pataskala, Reynoldsburg, Groveport, Lewis Center, Worthington, Granville, the Short North, Hilliard, Plain City, Grove City, Newark, Mt. Vernon, Canal Winchester, and Lancaster.

Columbus Ohio Office

2600 Tiller Lane, Suite A

Columbus, Ohio 43231

Telephone: (614) 523-3106

Newark, Ohio Office

843 N. 21st Street, Suite 108

Newark, Ohio 43055

Telephone: (740) 345-7138

Akron-Canton Office

Belden Village Tower, 200

Canton, Ohio 44718

Telephone: (330) 409-2876

Mt. Vernon, Ohio Office

11 West Gambier Street

Mt. Vernon, Ohio 43050

Telephone: (740) 392-0404

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We are a debt relief agency. We help people file for protection under the U.S. Bankruptcy Code.