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Russell G. Small

Planning for credit recovery after bankruptcy

Many Connecticut consumers know that a bankruptcy stays on a filer's credit report for a long period of time. This is one reason why even people with overwhelming debt continue to resist filing. They are concerned that they will never be able to access credit again and that their credit reports will lead to disaster. Of course, one of the problems is that most people who file for bankruptcy already have significantly damaged credit. They may show very high utilization of existing credit lines, late payments, unpaid bills, or even judgments.

In many cases, people who file for bankruptcy are already ineligible for most new credit lines due to their poor credit rating. Therefore, they may find that in some cases the bankruptcy even improves their credit score, given that it discharges some existing debt. A Chapter 7 bankruptcy lasts on a credit report for 10 years, while a Chapter 13 bankruptcy, which includes restructuring and a payment plan, lasts on a credit report for seven years.

Bankruptcy isn't the end for people who file; instead, it can be the beginning of a process of rebuilding credit. People can seek out small bank loans or secured credit cards to establish a positive payment history. As time moves forward from the bankruptcy and people add new, good items to their credit report, their score will improve. Within a few years after a bankruptcy, people can once again have good credit.

The process toward rebuilding begins with taking action to seek debt relief. A bankruptcy attorney can provide advice and guidance to people looking to move toward a different financial path.

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