Rebuilding Credit After You Declare Bankruptcy

Milwaukee bankruptcy rebuild creditThe process of filing is extremely stressful. After you declare bankruptcy in Milwaukee, there are several very important things you should do to continue on the path to financial freedom. It is crucial that you pay close attention to a number of details so as to protect yourself from problems down the road. Here are a few tips to help you rebuild credit.

Keep tabs on your credit report/score

After you’ve filed for bankruptcy, one of the first things you should do is obtain a credit report and check it to be sure everything is accurate. From then on, make an effort to continuously monitor your credit score. This way you’ll be aware of any changes that may occur and can address the issue immediately. If you need assistance reviewing or understanding your credit report, feel free to contact Waukesha bankruptcy attorney Michael Burr.

Hang on to your discharge and other documents

Although you won’t be pulling them out every so often like you would a photo album, it’s a good idea to keep all of the paperwork from you filing in a safe place. If something were to happen down the road regarding the discharge, having the paperwork will be a huge help.

Don’t throw in the towel on credit cards

Many people that have filed for bankruptcy say they will never again have a credit card. While living without credit cards has its benefits, it may not be practical in this day and age. It’s a good idea to keep at least one credit card for a multitude of reasons – online purchases, hotel reservations, unexpected expenses, etc. You never know when you might need a credit card, so it’s best to have one and be smart with it. Wait about 6 months after your bankruptcy to apply, and do so at your local bank or credit union.

Set a goal for savings

Setting up a new savings account and setting a goal as to how much you will keep in the account is a great way to give yourself a bit of security. You can start out small – maybe one or two weeks pay worth – and build it up over time. Just and with anything, you never know what will happen so it’s a great idea to give yourself a backup account in case of emergencies.

At Burr Law Office, we are committed to helping you declare bankruptcy and want to help you to get back on your feet. Our Waukesha bankruptcy attorney team is a great resource – give us a call with any questions!