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Rebuilding your credit after bankruptcy

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One of the most common reasons that Georgia residents resist filing for bankruptcy is the fear of what such a filing will do to their credit score. And that fear is not unfounded: bankruptcy generally causes your credit to drop, especially if it is a Chapter 7 filing which involves the discharge of your unsecured debts.

However, what many people fail to realize is that a credit score decrease is not permanent by any means. While it may take time for your credit to recover, it will happen eventually. In the meantime, there are a few things you can do to boost your credit and ensure that you are spending responsibly in the wake of your bankruptcy.

Ironically, many lenders are more willing to issue credit cards to people who have just gone through bankruptcy than those that simply have a negative credit score. This is because bankruptcy laws forbid filing for bankruptcy within a specified amount of time after the discharge of debt in bankruptcy. Therefore, there is less risk to lenders.

That being said, the goal of applying for credit cards right after bankruptcy should not be to get back into debt. You should be very deliberate about how you sign up for and use new credit cards. For example, Wells Fargo offers a secured Visa card which allows users to track their expenses and protect their checking accounts from overdrafts. The card requires a $300 minimum security deposit and a $25 annual fee, but you may be able to convert to an unsecured credit card (and get your deposit back) if you have success with the secured option.

In addition, you may want to consider prepaid credit cards in the place of debit cards or checking accounts. This will help you to closely manage your money and ensure that you don’t go beyond your means.

Source: Fox Business, “Best Credit Cards After Bankruptcy,” Curtis Arnold, April 9, 2012

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    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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