For some, filing bankruptcy is the best solution for getting out of debt. However, doing so will lower your credit score. Fortunately, you can work to restore your creditworthiness over time by following the tips below.

3 Ways to Repair Your Credit Score After Filing Bankruptcy 

1. Stick to a Budget 

Avoid spending beyond your means to ensure you don’t fall back into debt. Establishing a realistic budget—and sticking to it—will ensure you do not spend money on unnecessary items and will have enough to pay your bills each month. If possible, build a small savings fund for emergency expenses such as car or phone repairs. 

2. Apply for a Secured Credit Card

A secured credit card requires a cash deposit to back up your line of credit. This eliminates the temptation to buy items you can’t afford because it’s impossible to spend beyond your account’s balance.

Getting one of these cards is a helpful way to begin building your credit score back up if you use it regularly and always pay the minimum amount on time. And because you’re not able to spend beyond your means, it’s relatively easy to get approved for one despite a poor credit rating.

3. Check Your Credit Score Regularly

It’s essential to check your credit report regularly to ensure there are no errors bringing your score down. However, it’s especially important after filing for bankruptcy, as lenders do not always accurately mark your debts as discharged. If you do discover mistakes, report them to your lender and the credit reporting agency right away.

If you’re struggling with debt, filing for bankruptcy may be the best solution for regaining control over your finances. For close to 20 years, the office of Zebley, Mehalov & White, P.C. has been providing first-rate legal counsel to overwhelmed borrowers throughout Fayette, Washington, Greene, and Westmoreland counties in PA. Visit their website to learn more and call (724) 439-9200 to schedule an appointment with a knowledgeable attorney today.