Rebuild Credit After Bankruptcy – Bankruptcy Attorney Utah
How to Rebuild Credit After Bankruptcy – Bankruptcy Attorney Utah
Many clients ask our Salt Lake City bankruptcy attorney team how they can rebuild credit after filing for bankruptcy protection. Whether filing either a Chapter 7 or Chapter 13 bankruptcy, it is common to see a drop in an individual’s credit scores. Usually an individual who files for personal bankruptcy has already missed several credit card or home mortgage payments. Typically a bankruptcy client has already seen the results from those missed payments reflected in a lower credit score. However, at times, our Salt Lake City bankruptcy attorneys will see individuals who manage to stay current on their credit obligations but cannot afford payments any longer.
Under each scenario, our Utah bankruptcy clients have asked our bankruptcy lawyers how to rebuild credit after bankruptcy. They also ask if it is possible that their credit scores will go higher and, if so, how long after filing bankruptcy. Whether filing with for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy protection, the bankruptcy attorneys at Pearson, Butler & Carson, PLLC, provide the same recommendation: stay current on all creditor payments after filing for bankruptcy protection.
Clients who file Chapter 7 and then consistently pay their auto and home mortgage payments on time may see a credit score in the mid-650s FICO within two years. Similarly, clients who file Chapter 13 and then consistently pay the monthly trustee payment may see their credit scores back to a 700 FICO within two years, according to a bankruptcy attorney Utah. That being said, every case is different and every client filing for bankruptcy protection has different needs and backgrounds. So even though credit scores have the ability to rebound, your individual case may have different results including not seeing a credit score improve within a 1 to 2 year period.
Credit Repair Companies Help Rebuild Credit After Bankruptcy
Sometimes we may even advise a client who has filed bankruptcy and wants to see a credit score improve meet with a credit repair company to discuss options. At Pearson, Butler & Carson, PLLC, we do not have any one credit repair company to use. But there are a few companies that we have heard from past clients who have had positive outcomes with the credit repair approach after a year or two from filing bankruptcy.
Call a Bankruptcy Attorney Utah to Learn How to Rebuild Credit After Bankruptcy
After getting a fresh start by filing bankruptcy, learn how to rebuild credit after bankruptcy. Individuals and couples who have filed bankruptcy want to rebuild their credit after filing bankruptcy, they need to consistently and faithfully pay creditors on time after their original filing. For more information about how to rebuild credit after bankruptcy, call a Utah bankruptcy attorney at the law office of Pearson, Butler & Carson, PLLC, at (801) 495-4104 for more information.
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