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Tips for rebuilding credit after bankruptcy

Many residents of Virginia have found themselves struggling with their finances, and many people who have done so have ultimately found relief through filing for bankruptcy. At Ferriswinder, PLLC, we recognize that, while filing for bankruptcy can be a great way to find your way back to financial freedom, doing so can also hurt your credit, at least in the short-term.

So, is there anything you can do to minimize how much filing for bankruptcy impacts your credit? According to NerdWallet, there are several strategies you can employ in order to rebuild your credit and get back on the right financial track after bankruptcy. One such option involves finding someone who trusts you enough to co-sign on a loan or a credit card.

While finding someone who trusts you is important when seeking a cosigner, it is also important that you ask someone who has strong credit, his or herself, to take on this responsibility. After all, if you cannot pay the new debts you accrue, your cosigner will become responsible for them, so make sure you will be able to pay off your debts in full before asking someone to cosign on your behalf.

Another way you may be able to rebuild your credit after bankruptcy involves obtaining a secured loan or credit card. Typically, secured loans and credit cards involve you putting down a deposit and then using money from that deposit while rebuilding your credit along the way. While these options may help you rebuild your credit, you may be wise to view them only as temporary solutions, because they may come with high interest rates and similar issues. You can find out more about the bankruptcy process by visiting our webpage.

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