Chicago Bankruptcy Lawyers & Attorneys

This is on the mind with every single individual that I work with. Credit is typically what got them into the situation, however, they can’t wait to get back into it. They are eager to get back into a credit situation. My answer to them is this: Yes, you will get offers for credit again. Immediately, yes, sometimes within six (6) months, sometimes within two (2) years. There are rarely good deals going forward from the beginning. I always recommend that a client wait six (6) months to two (2) years before they start to re-establish any kind of credit. They are going to receive offers that have annual fees, high interest rates, and other little things that will cause problems. I recommend a few things: Open up a checking account and link a debit card to it. Open up a secured credit card. This is where you put $250.00 or more into a bank account, and you have $250.00 worth of charging privileges. You are charging against your own money, that is why it is called secured. Eventually, once you show good conduct, that secured card can turn into an unsecured card. Then, once you start rebuilding your credit, more reasonable offers that are better deal for you will arrive. So yes, the good news is that there is credit after bankruptcy, the bad news, is that you will get it too fast and at too high of a price. So, hang in there. Go on a cash basis, just for a little while.
There is life after bankruptcy; you will receive credit; you can purchase a car, immediately after bankruptcy, and you can qualify for a decent mortgage after two (2) years. But be careful, you don’t want to be back in my office eight (8) years after the last case. You want to be home free, never having to file bankruptcy again. That means making smart decision going forward.