Building Your Credit After Bankruptcy
Get Your Free Case Review

Building Your Credit After Bankruptcy

by | Apr 20, 2015 | Bankruptcy

One of the reasons that many people hesitate to file for bankruptcy is that they are worried about what might happen to their financial future. Bankruptcy, however, was designed to be a fresh start rather than a punishment.

Many people are concerned about what a bankruptcy will do to their credit rating. There are certainly tactics that can be employed to improve your credit score:

  • Make a budget and stick to it. Without putting too fine a point on it, overspending is likely part of the reason you fell into debt in the first place. It is crucial to take a careful look at your income and the bills you need to pay each month. Limit your discretionary spending and focus on building a savings account.
  • Build a savings account. Resign yourself to putting a small portion of your paycheck into savings each month. This account can be used for large purchases, emergencies or even a vacation. This way, however, you have a reserve of cash rather than relying on credit cards for large purchases.
  • Use your credit cards wisely. After a bankruptcy, you will likely receive numerous credit card offers. It is wise to select a card and use it wisely. Strategies differ slightly, but you could use this card each month and then either pay all or most of it as soon as the bill comes due. In this manner, you can begin building a beneficial credit history.
  • Get a secured credit card. If you feel uncomfortable using a traditional credit card, you can explore the option of a secured credit card. Typically, these cards act like a checking account – you are only allowed to spend the amount of money you’ve added to the credit card account.

Using these steps, you can begin building your credit rating following a bankruptcy.

Source: Bankrate, “Life after bankruptcy.” Accessed 4/6/15

– Why Hire Nicolet Law? –

Get An Experienced Lawyer On Your Case

We’ve helped thousands of clients with a wide range of legal needs. Let us put the skills and experience we’ve gained along the way to work for you!

Get Our App!

Get our convenient, secure app to
send us legal documents and pay your bill. Available on the App Store and Google Play.

Download the Nicolet Law Office app from the App Store to conveniently send documents and issue payments to our attorneys.
Nicolet Law clients can conveniently send legal documents and issue payments through our secure app. Get it on Google Play.

More Than

Million Recovered for our clients


Clients Helped

More Than

Years In business


Years of Combined Experience

What Our Clients Say About Us

powered by BirdEye

Awards & Recognition

Our peers and independent third-party organizations have recognized the hard work and dedication we put into every case. This has led to numerous awards and accolades.

From Our Blog

Halloween Safety Tips

There is no doubt that Halloween is going to look a little different this year. Typically enjoyed by people of all ages...

Step-by-Step Guide for Filing a Personal Injury Claim

Imagine that you are driving to the grocery store on a Sunday afternoon when another car suddenly strikes the left side of...

Lost Wages Assistance and Disability Benefits

The coronavirus and resulting economic crisis have left millions of Americans in financial distress, and individuals with...

Stranger Than Fiction: Only in Wisconsin

In 2016, the Wisconsin Supreme Court barred a woman from suing a state employee whose negligence resulted in bodily injury...