What happens to a credit score after bankruptcy?

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At Sadek Bankruptcy Law Offices, we realize that every situation is different. Our debt relief lawyers will take the time to learn about your situation and your goals. Our objective is to explain your legal options and offer the best debt relief strategy for you in the most compassionate and friendly manner possible. Call 24/7 to schedule your meeting with a lawyer.


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What happens to a credit score after bankruptcy?

Every day I am actually asked, “What happens to my credit score after bankruptcy?” 

And I tell my clients that, at the time of filing bankruptcy, we are going to pull the three source credit report with the judgment and lean search. That shows what your credit score is today and what your credit score is going to be a year from filing for bankruptcy. I tell everybody once you file for bankruptcy, you are going to get more (credit card and sales) offers than you can imagine. You’re going to get offers from all the big box stores and card lenders, etc. 
The reason being, if these lenders are not lending money they are not making money. And who better to lend money to than somebody who either eliminated their debt or reduced their debt. 

My advice is always to start out slow. Get a secured credit card. If you are going to get a credit card, get one and one only for emergency purposes. And if you don’t incur any new debt and make otherwise regular payments on a mortgage, rent or car, you’re going to see your credit score increase by almost a hundred points in the first year.

The bankruptcy lawyers of Sadek Bankruptcy Law Offices are dedicated to providing bankruptcy and non-bankruptcy solutions for people looking to handle their debt problems. We are proud to help hard-working people in Pennsylvania and New Jersey get out of debt and on the path to a fresh financial start. To schedule a free and confidential consultation online or in one of our many local offices, call us at 215-545-0008 or contact us online.

See also: What Happens to Your Credit Score After Bankruptcy?

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