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Chapter 7 Bankruptcy


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Are you buried in debt? Are you constantly being harassed by creditors? Have you received a notice of foreclosure?

Filing for bankruptcy can help you put an end to all of these problems. At Jeff Field & Associates, our lawyers...


Chapter 7 Bankruptcy Blog Post

Recovering from Chapter 7 Bankruptcy: A Few Things to Consider

Rebuilding your credit isn’t easy.  Because of high interest rates and the inability to file Chapter 7 bankruptcy for another eight years, you must be cautious in how you approach rehabilitating your credit.  Some simple, yet effective ways to rebuild your credit include:

  1. Get a secured credit card.  A secured credit card operates like a debit card in that you put money in the account beforehand.  However, unlike a debit card, your payments on the account are reported to all three major credit bureaus (Experian, Equifax, Transunion).  Making timely payments on a secured credit card account will help you in building your credit score.
  2. Pay your bills on time.  Sounds simple enough, right?  The importance of paying your ongoing bills (like electric, water, gas, etc.)  is critical to reestablishing your credit.
  3. Be patient, move forward, and budget your expenses.   Do your best to set up a monthly plan as to where your money will be directed, paying close attention to determine what expenses are a priority, and those that are just a luxury.  Pay for the things you need first, and those you simply want last. 

Remember, you are not alone.  Many people just like you and me have walked the same path and gone on to enjoy future financial success!

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