February 22, 2010 - William L. Henry IV
Everyone knows that filing bankruptcy in Colorado affects your credit, but most people do not know what the specific implications will be or how to help your score after a bankruptcy. In this article, our bankruptcy attorneys try to give you practice solutions to your bankruptcy and credit score questions.
A bankruptcy filing may stay on your credit report for up to 10 years. Surprisingly, however, there is a good chance that your bankruptcy score will improve after you file bankruptcy.
Your credit score may improve after you file bankruptcy because each person is compared to others in a similar situation. So, after filing bankruptcy you will be compared to others that have also filed bankruptcy. In addition, if you have judgments, charge offs, and other delinquencies reported on your credit report, those will often go away.
Of course, if you have good credit when you file, your credit score will go down. Nevertheless, your credit score may be in better shape in the long run because bankruptcy often provides the fresh start that high balances and crushing 27% interest will cause.
After you file bankruptcy, follow these steps to help improve your credit score:
1. Piggyback on someone with good credit to qualify you for a loan and stay current;
2. Get a "secured" credit card to rebuild your credit
3. Make sure all of your accounts are listed as included in bankruptcy on your credit report
Our Denver bankruptcy attorneys are available to meet with you in Denver, Castle Rock, or Colorado Springs. Contact us for a free consultation.
We are a debt relief agency, we help people file for bankruptcy relief under the bankruptcy code.