How Can I Repair My Credit after Declaring Bankruptcy?

Bankruptcy can be an effective financial tool for individuals who have accumulated more debt than they can reasonably pay off, but there are some drawbacks of filing. One of the biggest disadvantages of declaring bankruptcy is the effect that it will have on your credit; however, by making a few smart financial decisions, you can begin repairing your credit immediately after filing.


If you are in over your head financially and you want to discuss the pros and cons of filing for bankruptcy, turn to the Law Office of Stuart M. Nachbar. Mr. Nachbar handles all forms of personal and business bankruptcies including chapter 7, chapter 11, and chapter 13. Call 973-567-0954 to schedule a consultation with a chapter 7 bankruptcy lawyer in New Jersey.

Read onto learn how you can start repairing your credit immediately after declaring bankruptcy:

  1. Review Your Credit Report

You can request a free credit report from each major bureau—Equifax, Experian, and TransUnion—once a year at You should review your credit report after filing to know where you stand and to check for any inaccuracies.

If there are any errors on the report, you can dispute them. You may be able to improve your credit score by several points simply by fixing any inaccuracies that are affecting it.

  1. Make All Payments on Time

Your payment history accounts for approximately 35 percent of your credit score, and late payments will remain on your credit report for seven years. Fortunately, the older a negative mark is, the less it will impact your score. Thus, a late payment from five years ago will not affect your score nearly as much as a late payment from five months ago.

  1. Obtain a Secured Credit Card

Individuals with poor credit can usually qualify for secured cards because these accounts require a cash deposit. Some secured cards even offer the option to upgrade to an unsecured card once you demonstrate that you can use it responsibly. Using credit and then paying it off every month is one of the most effective ways to repair your credit after filing for bankruptcy.

  1. Maintain Your Oldest Accounts

The average age of your accounts affects your credit score, as does the total amount of your available credit. If you have older accounts with fairly large limits, do not close them. Instead, destroy the actual cards so you will not be tempted to rack up more debt after filing.

If you have decided that the advantages of declaring bankruptcy outweigh the disadvantages and you are ready to regain your financial freedom, turn to the Law Office of Stuart M. Nachbar. Mr. Nachbar offers assistance with debt consolidation, chapter 7 bankruptcy, chapter 11 bankruptcy, chapter 13 bankruptcy, and other debt-related matters.

Call 973-567-0954 to schedule a consultation with a chapter 7 bankruptcy attorney in New Jersey. To learn more about bankruptcy law, visit the USAttorneys website.



By |2017-08-31T20:42:38+00:00August 15th, 2017|Bankruptcy|0 Comments

About the Author:

I have been representing clients of all types for over 20 years, working with personal injury clients, representing people before numerous Municipal courts throughout Bergen, Essex, Morris, Union, and Passaic Counties and assisting persons in the Superior Court in complex litigation throughout the state.

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