Rebuilding Credit After Bankruptcy - Frank J. LaPerch, PC

Is Credit Possible after Bankruptcy?

Many people who consider bankruptcy decide not to file because they are afraid of what filing will do to their credit. It’s true, bankruptcy will hurt your credit short-term, but it is often the best option available for you to repair your credit over time. Bankruptcy has a far more positive impact on your credit than ignoring your debts and allowing your credit score to sink lower and lower. Not to mention how massive amounts of unpaid debt affect your ability to get credit – something those with bankruptcy are eventually able to do.

The myth that you will be unable to get approved for credit after filing for bankruptcy is just that – a myth. Bankruptcy offers protection and a fresh start, which means credit card companies are more than willing to lend to you. In some instances, those filing for Chapter 13 bankruptcy are even able to apply for credit during their case.

Taking Responsibility for Financial Problems

Credit card companies often view bankruptcy as an action step toward more responsible management of your money. By filing, you are sending lenders the message “I made mistakes that led to this situation, but now I’ve decided to take control and fix it.”

Some lenders even consider former bankruptcy clients to be more responsible than average cardholders because they understand how important it is to be responsible with credit. Many have even received professional financial counseling to help them manage their debts as part of their bankruptcy filing.

For more information on what lenders consider when approving or denying you for credit, check out this article from

Your bankruptcy filing remains on your credit report for 10 years, which means when you apply for credit a decade after you file the lender will be aware of your choice to file. It’s important to be honest with anyone when it comes to applying for credit, even if you feel embarrassed you chose to file for bankruptcy. Whatever stigma you associate with filing is not necessarily shared by the lender – they just want to know if you are a good risk at this point and in the future, and they consider honesty an important part of the decision-making process.

Finding the Help You Need to Get Your Credit Back on Track

If you have questions or concerns about bankruptcy or whether you will be able to get credit later in life, we can help. Your financial future is an important part of your choice to file for bankruptcy and we want to make sure you understand the risks and rewards of filing.

For more information or to speak to someone about starting on a path to a brighter financial future, contact the law office of Frank J. LaPerch, PC at 845.942.5500.

Questions/ Summary of Case

This field is for validation purposes and should be left unchanged.

Contact Us

  • 148 South Liberty Drive
    Stony Point, New York 10980


    Get Social

    facebook linkedin

Frank LaPerch

Copyright © 2024 Frank LaPerch | All rights reserved | Sitemap
Rockland-Bankruptcy on Attorneys Delivered
Legal Website Design by Legal Web Design | Authored By Frank LaPerch