Law Offices of Robert M. Kaplan, P.C.
Schaumburg Family Law Attorney

Will Bankruptcy Affect My Credit?

This is a great question, to which there is no clear answer. If you are behind on your bills, your credit may already be bad and declaring bankruptcy will probably not make things any worse. The fact that you’ve filed a bankruptcy can appear on your credit record for ten years. However, since bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit after showing an ability to pay your debts on time.

Can I Get a Credit Card After Bankruptcy?

Yes, there is no legal restriction on this, but in all likelihood, most credit card companies will be hesitant to give you a credit card after filing for bankruptcy. Alternatively, you could use a bank or debit card to perform activities for which you normally would use a credit card. You also may be able to keep the credit card you already have if the creditor grants approval. If these options do not work, you can get secured credit card which is backed by your own bank account.

Call Our Schaumburg IL Law Firm

Are you looking for an experienced attorney that can help guide you through the complicated bankruptcy process? Please contact our Schaumburg IL law firm to schedule a consultation. 

 

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