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Personal bankruptcy does not prevent improved credit scores

Residents of Connecticut who have a discharged and successfully completed bankruptcy often ask how long it will take to restore their credit to a respectable level. Until that is done, it is more difficult for them to obtain credit and they will tend to be hit with higher interest rates. After a personal bankruptcy is completed, however, it will not take more than a few years or even less in some cases to get the credit score up into the 700 range.

A Chapter 13 bankruptcy may stay on one's credit reports for up to seven years whereas a Chapter 7 may continue to be reported for up to 10 years. However, with focus and a concerted effort to improve the report, substantial improvement can be obtained quickly after the bankruptcy is completed. If a strong program of action is followed, in many instances the actual references to a bankruptcy will fall off the report much sooner than the maximum allowable years.

Even if the reference to a bankruptcy remains for a lengthy period, establishing new accounts that are paid faithfully is the main key to getting the score up into the 700 range or even higher. Sometimes, it does not have to be a new account, it can be the same car loan or mortgage loan that a person or couple had before the bankruptcy. If the payments are maintained during the bankruptcy and are made faithfully on time, and those payments continue without any missed payments after the bankruptcy, one's score will steadily rise without having to do too much else.

Connecticut residents can learn about the other ways of increasing their credit scores by consulting with an experienced consumer bankruptcy attorney prior to deciding whether to file a personal bankruptcy. These consultations are provided free as a public service to assure that consumers obtain accurate and complete information prior to making their decisions on debt relief options. In addition, the attorney will clarify and explain whether the consumer is qualified to file for bankruptcy and which chapter is recommended under the circumstances.

Source: abc13.com, "You can boost your credit score with a few simple tips", Feb. 22, 2018

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