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Rebuilding your credit after bankruptcy in Georgia Atlanta, GA

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Rebuilding your credit after bankruptcy in Georgia

Georgians considering bankruptcy are frequently interested in learning about the best way to rebuild their credit after a bankruptcy is complete. Many are relieved to know that credit can often be repaired with careful planning and following some helpful steps.

There is life and good credit after bankruptcy. The truth is that filing for bankruptcy may be the fastest way for many people in Atlanta to rebuild their credit.

Reviewing your credit reports

The first step towards rebuilding your credit following bankruptcy is reviewing your credit report for errors. Errors and omissions from credit reporting agencies can impact your overall score. Addressing these issues sooner rather than later will get you that much closer to restored credit.

If you have not examined your credit report prior to bankruptcy, you should obtain a current copy of a credit report as soon as the bankruptcy is discharged. Request credit reports online or in writing.

The three major credit bureaus are Equifax, Experian, and TransUnion. There is normally a fee for requesting a report. However, if an individual applies for credit and is denied, a copy of the report on which the creditor based their decision is provided free of charge.

Review the credit report carefully. Correct any information or omissions and note them on the form provided. Return them to the credit bureau. They are required to respond within 30 days.

Building credit by paying bills and using credit cards

The second step for rebuilding your credit will involve staying current on your monthly bills. Fortunately, for many who go through the bankruptcy process, they have already learned tricks for managing their monthly expenses.

Next, you may want to consider applying for a secured credit card. A secured credit card requires money to be deposited in an account to be used as collateral. It is otherwise used in the same manner as a regular credit card. Charge only what is needed and make sure you pay it off each month. Do not exceed the limit or make late payments.

Accepting a pre-approved credit card offer is also acceptable. Many people in Georgia are surprised when they receive offers for credit cards following bankruptcy. Credit card companies know a second bankruptcy cannot be declared for eight years and one day after a bankruptcy, so they are assured of payment. Again, make sure payments are timely and pay off the balance each month if possible.

Request a credit increase every 12 months. Also, carrying a balance on the cards does not build credit faster. The fastest way to rebuild credit is to pay off balances each month whenever possible.

Obtaining retail or gas credit cards is more difficult than in the past. Many stores process their credit card transactions through just a few major lenders. Applying for a new card may flag a prior delinquent account. This usually results in a credit inquiry on a credit report and a denial of credit. As a result, credit suffers.

Finally, continue to pay bills on time. Bills that are still required to be paid during a bankruptcy such as rent and utility bills build the foundation for a new credit history.

Purchasing a car

Buying a new car is one of the best ways to rebuild your credit. Look for a dealer with a good reputation that advertises giving credit to “anyone.” A higher interest rate than someone with good credit may be imposed, but the loan can always be refinanced at a later date.

There is life after bankruptcy and obtaining credit after bankruptcy is possible. If you are considering bankruptcy, contact a knowledgeable Atlanta bankruptcy attorney who can provide guidance and assist you with rebuilding a solid financial future.

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    Our Client Reviews

    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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