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If I file bankruptcy will I ever get credit again?

November 20, 2013

Bankruptcy is no longer the credit “death sentence” that it used to be. While it is true that most people’s credit score takes a hit initially after filing bankruptcy, we find that for most of our clients, about a year or so after filing bankruptcy, their credit scores have improved markedly. The real truth is if you’re at the point of considering bankruptcy, your credit history has probably already hit a rough patch. If you’re already behind on a ton of credit cards, medical bills, and have a repossession or foreclosure, bankruptcy won’t hurt your credit score all that much and can be an invaluable tool to get you back on the right track.

Something to keep in mind is that a large portion of determining credit worthiness depends on outstanding liabilities. After you complete a Chapter 7, a large portion of your liabilities are taken off the books—meaning you have money to spend and not a whole lot of active debt obligations. A good deal of our clients are shocked when they begin to receive credit card and vehicle offers soon after filing bankruptcy, but this is typical. Another reason credit companies will view you as a good risk is because they know that once you file for a Chapter 7 bankruptcy, you can’t do so again for another 8 years.

Yet another way to help quickly rebuild your credit after bankruptcy is by completing a “reaffirmation agreement” on your secured debts after your bankruptcy is filed. This will allow your creditors to continue reporting the status of your secured debts, like a home mortgage or car note. While credit reporting is not the only consideration in reaffirming a debt, it can be a big one and can help rebuild credit.

If you are looking into bankruptcy and want to know more about what bankruptcy can do to get you back on the right track, contact the helpful attorneys at Fears Nachawati today. Call us at 1.866.705.7584, or send an email to


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