Difficulty Rebuilding Credit After Bankruptcy

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Let Parker & DuFresne bankruptcy law firm help you through the entire process.

Filing for bankruptcy can be a difficult and stressful process for anyone to go through.

There are so many variables to consider, so many documents and forms. Likewise, there are many legal liabilities that need to be considered.

While it is not necessary to hire an attorney to file for bankruptcy, it is widely suggested that you do.

The right attorney will not only represent you to the State, they will guide you through every step of the process, make sure your forms and documents are filled out correctly, and protect you from making a mistake that could land you in hot water.

Either way, after the bankruptcy is completed, chances are that your credit score will have taken a hit.

This is perfectly normal.

However, many people will see their new credit score and think that they will not be able to rebuild it. Or, they’ll believe that it will take years to bring it back up.

That is simply not the case. While it may take some work and patience on your part, that fact is that rebuilding your credit after bankruptcy can be as simple as following a few steps.

Likewise, it can take a lot less time than many people think.

Is Rebuilding Your Credit Score Hard To Do?

At Parker & DuFresne, we know that rebuilding credit after a bankruptcy is a priority for our clients.

Likewise, it is a priority for us to help our clients rebuild their credit as quickly as possible.

That’s why we have a holistic approach to financial repair, and that is why we also provide credit rebuilding education, tools, and motivation.

Your credit score is a very important piece of your financial portfolio. With a poor credit score, it become extremely difficult to attain loans for things such as a vehicle, a small business, or a home.

And if you are fortunate enough to attain a loan, the interest rates will undoubtedly be very high.

Here is an example:

Someone with a credit score of 589 will pay 20 – 24.99% interest on a 5-year car loan while someone with a credit score of 720, according to MyFICO™, would pay on average 4.6% per year. So, if you borrow $15,000 to buy a car; you’ll be spending around $160 extra every month and nearly $9,600 extra over the life of a 5-year car loan.

Likewise, the options for places to buy a new car become severely limited.

New car dealerships are typically very hesitant to provide loans for new cars to people with poor credit, if at all.

Where Can I Find Help To Rebuild My Credit?

Rebuilding your credit after bankruptcy can be difficult. However, nothing worthwhile is easy.

With the right education and tools, it is entirely possible.

We will help you execute a proven strategy that has already helped tens of thousands of people rebuild their credit scores.

Programs like this can cost over $1,000, however, we give this to our clients for no charge. We will cover the cost of the program for all of our bankruptcy clients.

We don’t believe our job is over when the bankruptcy closes.

Not only will we aggressively defend your bankruptcy case, we will help you rebuild your credit when the case is finalized.

The key is to neutralize the negative parts of your credit report with more positive ones. Simply leaving it alone to “heal itself” is a common mistake that people make.

However, if there is no activity there will be no increase. We will educate you on the best ways to improve your score quickly and effectively.

Parker and DuFresne

Parker and DuFresne
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