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Will a Bankruptcy Filing Help or Harm Your Credit Rating?

Interviewer: Will filling a bankruptcy forever condemn a person to bad credit? How long after the bankruptcy has happened, would they be able to start repairing their credit so their past financial problems become just a distant memory?

You Can Begin Restoring Your Credit in 12 to 24 Months after Filing for Bankruptcy and in Time, Your Credit Rating Can Be Better than It Was Prior to Bankruptcy

Adam: Typically a year to two after filing, if they did take the proper steps such as getting a small credit limit credit card and then paying it off monthly, an individual can rebuild their credit.

Sometimes during the bankruptcy process, after the initial filing I’ve had a number of clients that were contacted by car salesman because that would be a secured debt. The salesman knew that the person can’t file again right away. They are really not a credit risk at that point in time.

After Filing Bankruptcy, It Is Relatively Easy to Rebuild Your Credit

Interviewer: Do you advise your clients on how to rebuild their credit or do they have to see a separate professional, such as a financial planner?

Adam: I am always happy to offer advice to clients on this matter but there are plenty of resources that are available on the Internet. Any number of them will explain what a person should do and shouldn’t do in order to rebuild or repair their credit. Rebuilding credit is something that’s completely doable.

By Adam Hunt

Ohio Criminal Defense Attorney Adam Hunt
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