Seglund Gabe Pawlak & Groth, PLC

Conveniently located in Wixom and Bloomfield Hills

  • Main office

    28345 Beck Road Suite 301 Wixom, Michigan 48393
    Phone: 248.869.0030
  • satellite office

    (by appointment only)
    41000 Woodward Avenue
    Suite 350 East
    Bloomfield Hills, MI 48304

Our Blog

How Can I Rebuild my Credit After Bankruptcy?

23.10.2015 by Law Firm of Seglund Gabe Pawlak & Groth in Bankruptcy

Many people believe that bankruptcy permanently destroys their credit, but this couldn’t be further from the truth.  Now that you have gotten a fresh financial start, there are a number of steps you can take to begin rebuilding your credit.

The first thing you should do is obtain a copy of your credit score from one of the three major credit reporting agencies:  Experian, Equifax, or TransUnion.  Review it carefully and check for any errors.  If there are errors, such as a debt that should have been discharged by your bankruptcy, contact the credit agency to have them removed.

Also, pay your bills on time and in full, including debts that were not discharged in the bankruptcy.  Do not be tempted to spend more than you are able to afford.

One of the biggest mistakes that people can make after bankruptcy is to avoid credit altogether.  While it may seem like the better idea to steer clear of any new debts, this will not help you rebuild your credit.  Rather than avoiding it, find ways to use credit responsibly and in small amounts.  One way you can do this is to take advantage of a secured credit card that reports to one of the three credit agencies and make regular, on time payments.  Pay off the entire balance each month to avoid having to pay interest and to show lenders that you are not a risk.

Other methods for improving your credit score include opening up a new bank account or applying for a gas card.  If you drive a car, gas is a necessity, so it pays to rebuild your credit through this kind of regular purchase.  Signing up for automatic bill pay is another great way to rebuild credit because it will ensure that your bills are always paid on time.

Bankruptcy is not a financial death sentence.  Rather, it is an effective way for many Americans annually to get their fresh financial start.  When you take the appropriate steps to fix your credit, you can enjoy financial freedom once again.

Seglund Gabe Pawlak & Groth, PLC

If unmanageable dept is burdening your life, it is time to consult with a bankruptcy attorney to learn about your options for getting your fresh start.  Our experienced attorneys are committed to providing our clients with the guidance and support that they need to resolve their legal issues.  With over five decades of experience serving clients in Southeastern Michigan, the attorneys of Seglund Gabe Pawlak & Groth, PLC have the experience and resourced to resolve your legal issues.  Our bankruptcy law attorneys are seasoned professionals that will help you successfully navigate this time in your life.

bad creditSeglund Gabe Pawlak & Groth, PLC

28345 Beck Road, Suite 301
Wixom, MI 48393
Phone: (248) 869-0030
Fax: (248) 869-0039

www.michlaw.biz

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