Credit Score After Bankruptcy - A Fresh Start

Many people ask me, if I file bankruptcy in Oklahoma, how will it affect my Oklahoma credit score? Will I ever be able to have good credit again after filing bankruptcy? The short answer (good news) is...YES! Let me explain. First, if you are contemplating bankruptcy, it means you are already having trouble paying your debts. The longer that situation occurs, the worse your credit history and credit score is getting. So filing bankruptcy will not really make things worse than they already are, and in fact, over time, having filed bankruptcy will improve it!  


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  Before you file, your history will look bad. But as of the filing date, you get a start fresh. Thus you can mark a specific date in time from which your creditworthiness should now be measured. Each day that goes by after your bankruptcy is another day that you have the opportunity to show that you are managing your finances wisely. Many of my clients have received offers in the mail for a "low limit" credit card within a few short months after their bankruptcy discharge. Several have obtained a new car loan in as little as 1 year after a bankruptcy. Others have been able to qualify for a mortgage loan after 3 years. This is true because you can file a chapter 7 only once every 8 years, so if you have just recently come out of a bankruptcy, you are a good credit risk as long as you have income. The potential lender knows you can't file another Chapter 7 and completely wipe out their debt, and if you had to file again sooner than 8 years, your only option would be a Chapter 13, which would allow them to at least receive some, and maybe all, of their money due.  

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  Now, the fact that you filed bankruptcy can be reported on your credit history for a period of 10 years. But of course, it does not mean you must wait 10 years to ever borrow a nickel again. Obviously, you don't want to get in over your head again, so you will wisely choose what credit is needed, and plan to carefully re-build your credit. Robinson Law PC can give you advice and counsel on the best way to position yourself after your bankruptcy to improve your credit score.

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