At the bankruptcy and debt relief law firm of Ammerman & Goldberg, we are dedicated to helping people in Washington D.C., Maryland, and Northern Virginia resolve financial problems using Chapter 7 and Chapter 13 consumer bankruptcy laws. We then work with them to help rebuild their credit.
Today the stigma of bankruptcy has been considerably reduced. While a bankruptcy remains on your credit record for 10 years, you can take steps to reestablish your credit the day your debts are discharged. A majority of our Chapter 7 and Chapter 13 bankruptcy clients can finance an automobile soon after receiving a discharge. Many people begin receiving credit card solicitations within months of their bankruptcy discharge.
The Washington D.C. bankruptcy attorneys at Ammerman & Goldberg have a wide variety of techniques to help our clients reestablish their credit after bankruptcy. Some steps our clients can take include:
- Opening a checking and savings account. Many lenders check bank accounts
- Pay your mortgage, rent, secured credit cards, and utility bills on time. These are often used by lending companies to determine whether or not to lend money.
- Apply for a secured card. These are credit cards where you deposit cash and charge against it.
- Apply for credit cards at stores where you would normally pay cash.
- Have a friend or relative co-sign a loan and then make monthly payments on time.
- Buy a used car from a bankruptcy friendly car dealer. Also, try finding a bankruptcy friendly mortgage broker to refinance your home.
- Avoid high interest payday loans. These are credit traps and can lead to a circle of debt.
- Write letters to every credit reporting agency. Explain why you filed for bankruptcy and what you are doing to avoid credit problems in the future.
- Keep your debt to income ratio low. Do not let your consumer debt exceed twenty percent of your disposable income.
- Live within your means.
- Pay your reaffirmed, pre-bankruptcy, and, for Chapter 13 bankruptcies, consolidated debt payments on time.
- If you live anywhere in the District of Columbia, Maryland, and Northern Virginia, please contact our bankruptcy attorneys or fill out our Free Bankruptcy Evaluation Form. We are committed to helping our bankruptcy clients throughout the bankruptcy process, including giving legal advice regarding rebuilding credit after a bankruptcy discharge.
Our bankruptcy law practice represents clients throughout the District of Columbia, Maryland, and Virginia, including Silver Spring, Bethesda, Rockville, Landover, Greenbelt, Bowie, Upper Marlboro, Arlington, Alexandria, Falls Church, Vienna, Fairfax, and Washington D.C. including Prince George’s and Montgomery counties.