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Elana C. Sears
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After Bankruptcy Credit Score Thoughts…

Most often, prior to bankruptcy, many people don’t give too much thought to their credit score, particularly as they are falling into the pit of the real estate and credit card crunch.

Once the bankruptcy has been discharged, however, folks really need to give some thought and develop a plan on how to rebuild their credit and credit score.

With a clean slate, concentration and maneuvering to rebuild ones credit is paramount, especially after a bankruptcy. People often believe that after a bankruptcy they will never qualify or become eligible for credit again. This is not true,

Keeping Credit Cards Chapter 7

Often, chapter 7 bankruptcy clients have a strange preconception that they can keep certain credit cards, or credit cards with no ($0) balance.  For example, a few days a go a potential client came into the office to obtain an intake packet.  She mentioned to my paralegal that she planned on keeping a $300.00 credit card she had for “emergencies”, apparently it had a $0 balance.  

Preparation is Key to a Successful Bankruptcy

I have said this before, and I will say it again, and again…, preparation for a chapter 7 bankruptcy is the key to a smooth litigation free experience in the bankruptcy court. A good way to think is in terms of at least 90 days.  Ninety days (or more) before you plan to file the initial bankruptcy petition, speak with a bankruptcy attorney.  Most likely, he/she will tell you to STOP PAYING ON YOUR CREDIT CARDS.