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The Bankruptcy Place
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    • Jay A. Heller
    • Thomas A. Auwers
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    • Dailia Uriostegui - Legal Secretary
    • Araceli Fuentes - Receptionist
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After bankruptcy will I ever qualify for credit again?

Contrary to popular belief, filing bankruptcy does not mean the end of your credit worthiness.  Often times, just the opposite is true.  The fact is that a successful bankruptcy usually eliminates some if not all of your debt.  A new creditor will not have to stand in line behind others to collect any new debt, as there is no other debt, thanks to your bankruptcy.  Futhermore, under the current Bankruptcy Code, you can not file another bankruptcy until 8 years after the first.  Therefore, a future creditor will not run the risk of losing out on collecting back the new debt due to another bankruptcy.  All in all this can make you a better credit risk than had you never filed bankruptcy in the first place.  The major creditors such as banks that issue credit cards and mortgage companies understand this concept.  Typically our clients find that it is not that difficult to get a new credit card shortly after their bankruptcy is concluded.  The mortgage companies generally require a two year waiting period after a bankruptcy before considering a new application.  Bankruptcy is often referred to as “The Fresh Start Law” with good reason.  By eliminating your debt, you can rid yourself of unwanted financial pressures, wipe the slate clean and rebuild your credit reputation (and credit score) in a relatively short period of time.  Many of the clients at Heller & Richmond, Ltd. have used this opportunity at a second chance to reestablish their credit portfolio and rebuild their financial lives with responsibility, security and great success. 

Contact a lawyer at Heller & Richmond, Ltd. to obtain tips as to how to improve your credit score after filing bankruptcy. 

Phone: 312-781-6700 or e-mail: MRichmond@Hellerrichmond.com


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