Once your California bankruptcy is discharged, you may wonder how long it will take you to get back on your feet financially. The answer to that question depends a great deal about how much effort you are willing to put into being financially responsible and demonstrating that responsibility in a manner that reflects well on your credit report. Life after bankruptcy does not have to be one that is bereft of the benefits of credit. On the contrary, if you are wise about your financial obligations and are able to maintain a steady payment history, you may see your credit scores rise faster than you thought possible.

The longer it has been after your bankruptcy discharge, the less impact the bankruptcy will have on your credit scores and whether or not lenders will extend credit to you. By and large, creditors want to see what type of payment history you have after the California bankruptcy has been discharged, in order to gauge whether or not you are a good credit risk. To that end, there are several things you can do in order to give yourself the best chances for improving your credit:

1.       Once you’ve filed for bankruptcy, pay your bills on time. It doesn’t matter whether you are filing for a Chapter 13 or a Chapter 7, if you continue to make timely payments on bills such as your mortgage and car payment, you will demonstrate financial responsibility despite your current circumstances.


2.       Be conservative with your credit. Once your bankruptcy has been discharged, do not attempt to open many new lines of credit at once. Take your time, and only get the credit you really need.


3.       Keep your credit report accurate. Check your credit report periodically for inaccuracies. Your first major task should be making certain that all of your discharged debts are properly listed with all credit bureaus. Be prepared to correct any inaccuracies, and make certain that erroneous information is removed from your report.

Filing for bankruptcy can be the first step in securing your financial future.  By reducing your financial obligations, you can make a fresh start without the burden of excessive debt keeping you from qualifying for major purchases like a home loan. How you handle your credit after your bankruptcy has been discharged will play a major role in how soon you see your credit scores improve. If you have specific questions about life after bankruptcy, we’d be happy to help. Our office has provided legal advice onCalifornia Bankruptcy for years, and we work hard to ensure that each of our clients has the answers necessary to make fully informed choices when it comes to bankruptcy.

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Chapter 7, 11, and 13 Bankruptcies


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