Life After Bankruptcy

Bankruptcy Attorneys; Dallas, Ft. Worth, Irving & Plano

DFW Debt Relief Lawyers: Improving Your Credit & Rebounding Quickly

Bankruptcy offers you a fresh start, a chance to re-establish your creditworthiness by making wiser financial decisions. Although a Chapter 13 bankruptcy stays on your credit report for seven years, and a Chapter 7 bankruptcy for ten, you can begin rebuilding your credit immediately after your debts are discharged.

Many of our clients see a significant increase in their credit score within 12 to 18 months after their bankruptcy discharge. This is due in part to improvement of their debt-to-income ratio, and because of the positive steps they have taken to improve their credit rating, some of which are listed below.

Here are some suggestions to help you rebound quickly after a bankruptcy discharge:

  • Go to and request your credit report from each of the three major credit reporting agencies. Make sure that the bankruptcy discharge is accurately reflected on your credit report and that you have no delinquent accounts being posted on any debt that was wiped clean during bankruptcy.
  • Apply for unsecured credit cards – after your unsecured debt is discharged in a Chapter 7 bankruptcy, you may receive numerous invitations by credit card companies, asking you to apply for their charge cards. This is because they know your “financial slate” has been wiped clean. Once you obtain a card, you can raise your credit score by using the card sparingly, keeping the balance low, and paying the credit card bill in full each month. The goal is to raise your credit score, and not to get you into debt again.
  • Secured credit cards – if you are unable to obtain an unsecured charge card, then try for a secured card. They are used like unsecured cards, except your credit line is secured by a collateral savings account that you open when you apply for the card. Your credit line equals the deposit amount. Secured cards typically carry a higher interest rate.
  • Take out a Secured Loan – if you are a member of a credit union, they may allow you to take out a small loan, secured by a collateral amount in your share savings account.
  • Stay within your budget and pay your bills on time. Ideally, you will want to spend below your means and stash the extra money in savings. Let your creditors know if you are having a problem. Many creditors are willing to work out payment arrangements.
  • Wait two years before you go house shopping. You can qualify for a FHA loan if you maintain a good credit history for two years after the date of your discharge. Give yourself at least a year before attempting to get an auto loan. You still might need a significant down payment or a co-signer, but you will have established a good credit record.

Dallas Bankruptcy Attorneys: Helping You Rebuild Your Financial Life

The filing process is less stressful when you have an experienced bankruptcy attorney to navigate you through the process. Once you are free from burdensome debt, you can focus on rebuilding your financial life. The Fears Nachawati Law Firm is ready and willing to serve you. Call us today at for a free phone or in-office consultation with a DFW debt relief lawyer.

“Thanks so much Jacqueline. I really appreciate your kindness during this process. It’s very difficult to admit that you are in a position like this and your caring attitude as well as consummate professionalism is wonderful.”


— Irving, TX