Among our clients filing for a Philadelphia Chapter 7 bankruptcy, credit scores and the impact on their ability to get credit once their bankruptcy has been discharged are common concerns. While a bankruptcy will affect those things, if you make smart decisions, you can re-establish your credit.  In many cases it will be quicker than you expected.

The Impact of a Philadelphia Bankruptcy on Credit Report Scores

After your Philadelphia Chapter 7 bankruptcy, credit reports will show that filing. However, the debts you are discharging will no longer appear. Eventually, as your post-bankruptcy credit report score in Philadelphia PA eases back upwards, you will be able to begin getting various amounts of credit again. However, it’s essential to be wise about that so that you don’t find yourself back in the same situation.

It’s important to check your credit report after your Philadelphia chapter 7 bankruptcy. Credit scores can be inaccurate if the debts discharged by your bankruptcy are reflected on your reports. You can obtain a free credit report once a year. It’s also worthwhile to check your credit reports for a few years after your bankruptcy to see what your score is.

Obtaining Credit with Your Philadelphia Chapter 7 Bankruptcy Credit Score

There are secured credit cards designed for people who have had credit problems or haven’t yet established credit. You provide the funds to the company and then items that you charge on the card come from those funds. Therefore, you can’t spend more than you have. This is a good way to quickly build back your credit. It also helps people learn (or re-learn) good spending habits.

As your post-Chapter 7 bankruptcy credit score in Philadelphia PA improves, you’ll be better able to get a car loan and eventually refinance your mortgage or get one on a new home. However, interest rates are generally higher for people who have had credit problems. Therefore, it’s important to shop around for the lowest rates and fees.  We can help guide you on improving your credit after filing for bankruptcy.

Contact Us Today for Credit with Your Philadelphia Chapter 7 Bankruptcy Credit Score

We have over two decades of experience helping people deal with overwhelming debt, and we want to help you. Call us or contact us online to schedule a free consultation at our conveniently-located Philadelphia office.  you will be glad that you did.