Dothan, Alabama
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Dothan, AL 36303
(334) 673-0100

How to Rebuild Credit Following a Bankruptcy June 17, 2015

Dothan, Houston
How to Rebuild Credit Following a Bankruptcy, Dothan, Alabama

Every year the legal professionals from The Gil Law Firm help people in Alabama, Florida, and Georgia navigate the complex process of filing for bankruptcy.

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Filing for bankruptcy is the most effective way to leave your financial burdens behind and get a second chance at the American dream, but many clients find themselves unsure of how to cope with the aftermath of their bankruptcy. Rebuilding credit can seem like an overwhelming task after declaring bankruptcy, but the attorneys from The Gil Law Firm can help.

If you recently declared bankruptcy, just follow this helpful guide on building credit and you’ll be on the right path to a financially responsible future:

  • Build a relationship with a banking institution: It can be difficult to obtain credit immediately following a bankruptcy, but it’s important to start rebuilding your credit as soon as possible. If you can’t get approved for a credit card or loan, open a checking and savings account with a bank first. Using these accounts properly shows that you are responsible, and many banks are happy to issue credit cards to their established customers.
  • Learn to use credit cards responsibly: Once you’re able to obtain a credit card, it’s important to use it regularly to establish credit. Begin by charging just one fixed monthly expense, like your cell phone bill. Pay off your credit card bill in full every month and you’ll gradually see your credit improving and your credit line increasing.
  • Be patient with yourself: Filing for bankruptcy can be stressful, and it’s natural to want to move past it as quickly as possible. However, building credit takes time. Be realistic about your credit score goals and stick to your plan, even if you don’t see instant results. If you continue to use credit responsibly, pay your mortgage on time (if you have one), and control your spending, your credit score will soar!

For more information on how to file bankruptcy and how to build credit, call The Gil Law Firm today at (334) 673-0100

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