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Credit After Bankruptcy

For many people considering bankruptcy, the effect it could have on their future credit is a huge concern. Although bankruptcy does go on your credit report and may remain on the report for up to 10 years, many debtors are able to substantially restore their credit within a few years and sometimes sooner.

Chesapeake Life After Bankruptcy Attorneys

At Lorin D. Hay, P.C. we assist people living in and around Chesapeake, Virginia Beach, Norfolk, Newport News, Portsmouth, Suffolk, Hampton and the Eastern Shore of Virginia with all aspects of the bankruptcy process from start to finish. This includes the process of working to restore credit after bankruptcy. We have over 30 years of experience and have helped many people with Chapter 7 bankruptcy and Chapter 13 bankruptcy. We would be happy to schedule a free consultation to talk about your options. Contact us online or by calling our Virginia Beach office at 757-490-8080.

Although filing for bankruptcy may do some initial damage to your credit score, it’s likely that it will benefit you in the long run in several ways:

  • Stopping default — Once your debts have been discharged they will no longer be reported as delinquent or in default.
  • Qualifying for credit — Because you cannot file for a Chapter 7 bankruptcy again for at least eight years, many creditors will consider you a good risk.
  • The ability to rebuild credit — Because you will be considered a good risk, creditors may be willing to offer credit cards with modest limits. If you accept a small number of these credit lines and keep up with payments, you can slowly rebuild your credit as you grow your limits higher.

We offer a free consultation to discuss your situation, and we are available for office appointments Monday through Friday from 8:30 a.m. to 5:30 p.m., and every other Saturday from 9 a.m. to noon by appointment. Our Virginia Beach office is conveniently located near the Pembroke Mall. Contact us online or by calling our Virginia Beach office at 757-490-8080 to speak with an experienced bankruptcy lawyer about your needs and goals.