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Bankruptcy can be a frustrating situation, but it is one that can actually help you get your life back on track. The most negative aspect of it is the way it impacts your credit score. However, with proper bankruptcy assistance and skilled help, you can rebuild your credit score after bankruptcy. In general, it takes most people three to five years to restructure their finances and settle into a new budget that allows them to rebuild their credit scores. Greg Dunn, Bankruptcy Attorney of Honolulu, HI, is here to help you with personalized bankruptcy assistance to get your back on your feet as quickly as possible.

During that three-to-five year time frame, here’s what you should be doing to rebuild your credit score so you’ll be able to borrow money in the future:

  • Obtain & Use New Credit Cards: Credit can only be rebuilt by actively building new credit. The best way to do this is to get new credit cards and use them regularly to actively create new credit and improve your overall credit score. You probably won’t be eligible for a good rate in the first years after filing for bankruptcy, so be sure to pay them in full each month.
  • Always Pay Your Credit Cards On Time: Paying off your credit cards on time and never missing a payment will show you are trustworthy and will build your credit line. It also helps you create an active and engaging credit profile, as refusing to use credit will cause stagnation.
  • bankruptcy assistanceModify Loans & Consolidate Debt: Applying for loan modification and debt consolidation helps make any debts remaining on your books easier to pay back. You can then better manage your credit situation. When these measures are taken early, you might avoid the need to declare bankruptcy altogether, so talk to a bankruptcy assistance specialist about your options.

As you can see, rebuilding your credit is not impossible after bankruptcy. For more advice and help with your finances, call Greg Dunn, Bankruptcy Attorney in Honolulu at (808) 524-4529 or visit his website for more detail.

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