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4 Tips for Rebuilding Credit After Bankruptcy

Filing bankruptcy can be a way to eliminate significant debt and allow you to experience financial freedom. Even though these are huge benefits, filing for bankruptcy with the help of a bankruptcy lawyer in Oldsmar FL at the office of Carolyn Secor, PA can impact your credit score. If you are struggling to rebuild your credit after you file for bankruptcy, the following strategies can help.

1. Monitor Your Credit Report

Many people do not pay close attention to their credit report, and it would surprise them how many discrepancies show up. If you are not already doing so, start monitoring your credit report. Analyze each transaction that comes up and make sure it is correct. If something is incorrect, dispute it with your creditor right away.

2. Get a Secured Credit Card

After your bankruptcy lawyer in Oldsmar FL helps you finish the bankruptcy process, it is a good idea to minimize your dependence on credit cards. But strategically using credit can help you improve your credit and enhance your trustworthiness among lenders. You may want to start with a secured credit card to accomplish this. These cards require you to make a refundable security deposit and then when you use the card to make a purchase, you borrow against it.

3. Practice Good Financial Habits

Practicing good financial habits is a nearly guaranteed way to rebuild your credit incrementally over time. First and foremost, make on-time, full payments on every bill. You should also reduce how often you use your credit cards and keep the balances on your credit accounts low. If possible, start to build an emergency fund that can help you cover unexpected expenses instead of relying on your credit cards.

4. Get a Co-Signer

If you need to sign a lease or secure an auto or home loan, it may be hard to secure funding or to get a favorable interest rate. When this happens, you may want to ask a co-signer to help you with this process. Although your co-signer’s credit will take a hit if you fail to make payments, your credit and their credit will improve if you stay consistent with your payment schedule.

3 Signs You Might Need To File Bankruptcy

Most people hope to avoid bankruptcy at all costs. Although bankruptcy is never ideal, there are certain situations in which bankruptcy is the best solution to severe financial problems. The legal team at Carolyn Secor, PA can help you better understand your situation and determine if you are in need of a bankruptcy lawyer in Oldsmar FL. Here are 3 signs you might want to consider the bankruptcy option. 

You Can’t Make Monthly Payments 

One of the most obvious signs that you could be in need of filing bankruptcy is that you are struggling to make monthly payments. Sometimes this can be a result of poor money choices or because of unforeseen life events that could not be helped. Events such as a job loss, a death in the family, or a serious illness can have a devasting effect on your finances. In these types of situations, you may find yourself unable to make monthly payments. Speaking with a bankruptcy lawyer in Oldsmar FL is one way to better understand your financial situation to determine if bankruptcy could help. 

Creditors Are Harassing You

If you have fallen behind on debt payments, you may start to experience harassment from creditors. Harassment can come in the form of constant phone calls, emails, or letters. Although these creditors have a right to receive payment, there is only so much you can do if you truly do not have the money to make the payments. If creditors are harassing you, a bankruptcy lawyer in Oldsmar FL can help. 

Late Fees And Over Limit Fees Are Drowning You

Once you start to miss payments on credit cards or other debts, you may experience a snowball effect of late fees or over-limit fees. These fees can add up quickly making it nearly impossible to get back on top of your debt payments. You may have fallen behind on payments because of bad decision making or because of changes in your finances you could not help like a divorce or medical bills. Regardless of why you are behind, it is important to get back in control of late fees or over-limit fees. A bankruptcy lawyer in Oldsmar FL can help you navigate these expenses and figure out a financial plan that will work for you. 

How To Choose a Bankruptcy Lawyer

Create a List of Candidates

The first step for finding a bankruptcy lawyer in Oldsmar FL is to create a list of candidates. Without completing this step, you’ll never see the attorney that is the perfect fit for you. Start by browsing the internet for your options. Aside from this, ask your neighbors who they’ve used. Ask your friends and family who they recommend. Maybe your HOA board has a lawyer on it who can point you in the right direction. Perhaps you go to church with attorneys. Ask anyone you can think of for recommendations. 

Narrow Down Your List

Once you’ve got a list, you start the vetting process. First, browse through online review sites to see how each individual is ranked. Next, look for any candidates with distinguished achievements. These individuals should be at the top of your list. Finally, remove any with only a handful of ratings as they probably don’t have much experience. 

Vet Them in a Consultation

In your consultation with a bankruptcy lawyer in Oldsmar Fl, you should interview them enough to feel confident in their ability to handle your case. Ask them all the questions that are burning in your head. See if they think you’re a suitable candidate for bankruptcy. Find out if they’ve handled bankruptcies before. Ask how large their firm is and how many resources they have. See how quickly they return calls. Find out if they’ll be hands-on or if paralegals will handle your case. 

As you conduct your interview, remember that this is the person who will help you through a difficult financial time. Take notes on their experience and personality in a notebook or on your phone. 

Consider All the Factors

At Carolyn Secor, PA, we believe that the most significant factors you should use to choose an attorney are expense, experience, and empathy. The attorney should be experienced enough to handle your case and empathetic enough to understand your situation. However, their fees should still be within your price range. 

Make Your Decision

At Carolyn Secor, PA, we understand the emotions you are experiencing. That’s why we don’t judge or speak down to our clients. Instead, we empathize with your situation and the magnitude of the problem you are going through. That’s why you must take your time and make the right decision. Then, once you’ve finished weighing the factors, pick the attorney that best suits your needs. This person will be the one who helps you get a second financial chance in life. 

Trying to figure out severe financial problems on your own can feel overwhelming. Carolyn Secor, PA can help you in Oldsmar FL. 

After you finalize the bankruptcy process with the help of a bankruptcy lawyer in Oldsmar FL from the office of Carolyn Secor, PA, you may be eager to build your credit as quickly as possible. It is important to keep in mind that this does not happen overnight, but with consistent effort, your score will likely start to improve.

Issues I Can Help You Resolve

As a bankruptcy attorney, I know just how stressful it can be to deal with debt. I have seen countless individuals and families throughout the local area who have dealt with the same issues you find yourself facing now. When you come to my firm, you can trust that I will be there to help you move toward the future you deserve. I am here to guide you on that journey with accessible and honest legal counsel.

Bankruptcy Attorney Oldsmar

I Can Help You With the Following Situations:

  • Finding relief from collection calls & other forms of creditor harassment
  • Discovering what type of bankruptcy is right for you
  • Exploring potential alternatives to bankruptcy, such as debt consolidation
  • Working to save your home from the threat of foreclosure
  • Helping you understand federal and state bankruptcy laws
  • Gaining footing after filing and working toward a better tomorrow

Speak with a Bankruptcy Lawyer: 727-335-7151

At Carolyn Secor, P.A., we have a long history of success with helping people reach financial recovery. When you work with my firm, you will find an honest, compassionate legal professional. I care about you as an individual, and I am committed to doing everything possible to help you during this troubling time.

The federal government passed new bankruptcy reform legislation in October 2005. However, don’t be discouraged! Most studies indicate that the new law affects less than 15% of individuals who could have filed previously. If you are feeling overwhelmed by your debts and considering filing bankruptcy, it is highly probable that you fall into the category of the 85 percent of people who are still eligible to file.

Contact Us Today for a Free Consultation

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    Client Review

    “Ms Secor and Sam were with me during a very dark time. They helped me through a mess I made by trying to do this on my own. She was extremely knowledgeable and had my best interest in mind. Thank you very much!!!”
    Kellie Almond
    Client Review