San Diego Credit Repair Attorneys
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If you have filed for bankruptcy and it affected your credit, San Diego credit repair attorneys at Chang & Diamond, APC, may be able to help.
The Role of San Diego Credit Repair Lawyers
Your credit score plays a huge role in your financial stability. A low credit score can limit your access to loans, credit cards, and even rentals. If you’ve recently gone through bankruptcy, it’s likely that your credit score has taken a significant hit. But don’t worry – there are ways to repair your credit and rebuild your financial standing.
Despite what you may have been told, you can actually take steps to begin repairing your credit soon after filing for bankruptcy. While it may take years to recover a solid credit rating, many people are able to qualify for a credit card with a small line of credit – typically $300-800 – shortly after a bankruptcy filing. By using a credit card responsibly, you can help rebuild your credit score and then qualify for loans or higher-limit credit cards. In order to reap all the benefits of any attempts to rebuild your credit, it is essential that you not incur more debt than you can reasonably pay off in a timely fashion. At Chang & Diamond, APC, our lawyers can help you take steps to re-establish your credit after declaring bankruptcy.
If you want to know more about bankruptcy and how it may impact your credit, contact credit repair attorneys at Chang & Diamond today to schedule a free consultation to discuss your case.
Understanding Your Credit Report
The first step to repairing your credit is understanding your credit report. Your credit report represents a detailed summary of your credit history, including your open accounts, payment history, and outstanding debts.
An experienced credit repair attorney can review your credit report, identify any inaccuracies, and work to have them removed. That can help improve your credit score.
Another key aspect of repairing your credit after bankruptcy is establishing new credit. This can be challenging, as many lenders are hesitant to offer credit to individuals with a low credit score. However, there are a few options available. For example, you can apply for a secured credit card, which requires a cash deposit as collateral. Becoming an authorized user on someone else’s credit card is another option. That can help with establishing a credit history and improving your credit score.
Credit repair services can also work on your behalf to remove any errors or inaccuracies on your credit report. However, a skilled San Diego, CA, credit repair lawyer can do so much more.
An attorney can negotiate with your creditors to reduce your outstanding debts. That can improve your credit score and make it easier to secure loans in the future. They can also make sure your rights are protected and you don’t become a victim of a credit report scam.
Establishing Credit after Chapter 7
Under the terms of Chapter 7 bankruptcy, the court can order you to surrender the real property and personal property it believes are non-essential luxury items so that you can make payments to your creditors. Assuming this cancels out most or all of your debt, if you are able to keep current on your monthly mortgage or rent payments, you might qualify for a credit card in a relatively short amount of time.
Once you qualify for a reduced-limit credit card, you can control spending and pay down the balance each month. Doing so will strengthen your credit and enable you to increase your credit score.
Establishing Credit after Chapter 13
Chapter 13 bankruptcy allows you to reorganize your debt and pay 80%-100% of it off over a 3-5 year period of time. As a result, most people filing for Chapter 13 can keep their homes, assuming they remain current on their payments. If you are able to adhere to the terms of your debt reorganization and repayment plan, creditors will recognize your ability to make scheduled monthly payments in a responsible manner.
Again, over time, you should be able to rebuild your credit and qualify for credit cards or small loans.
Contact Bankruptcy Attorneys at Chang & Diamond Today
Working with credit reporting agencies can be very difficult, especially if there is erroneous information. They can require an abundance of proof there is an error and can be slow to act. An experienced credit repair attorney can help you select the best strategy for your unique situation.
Our attorneys have the knowledge and resources needed to help you file for bankruptcy and begin the process of re-establishing your credit. To schedule an appointment and learn how we can help you, contact bankruptcy lawyers at Chang & Diamond, APC today.