Contact Us

Bold labels are required.

NameThis field is required.


The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
Louisiana’s Oldest Bankruptcy Law Firm
Free Case Evaluation
View Our Practice Areas

Rebuilding your credit after bankruptcy is possible

One of the biggest concerns that many people have when they consider filing for bankruptcy is the impact it may have on their credit score and their ability to borrow in the future. Choosing to use bankruptcy is not something that any person should take lightly, but it is important to understand that the law looks at bankruptcy as a tool individuals can use to find debt relief and give themselves a fresh financial start.

If you are worried that declaring bankruptcy means that your financial life is effectively over, this may be from a key misunderstanding about the process and its intended effects. It is true that those who use bankruptcy suffer serious restrictions in the process, but these restrictions are temporary. Once a bankruptcy procedure is complete, then a person is free to move forward with a much lighter load of debt.

Rebuilding your credit after bankruptcy

Once a person receives a discharge, bankruptcy typically remains on their credit for seven to 10 years, depending on the type of bankruptcy they use. This may seem like a very long time, but just because a person has a bankruptcy on their credit report doesn't mean that there are no options for borrowing.

For many people, it is possible to find lenders willing to lend to a person with a bankruptcy, although these loans come with higher interest rates. In some cases, it is possible to find borrowing opportunities in as little as one or two years.

Depending on the circumstances of the person using bankruptcy, the process may require forfeiting some property, or simply accepting some restrictions on borrowing throughout a structured repayment plan. With some careful planning, it is possible to discharge large debts while still keeping your rights protected.

Maximizing the benefits of bankruptcy

Bankruptcy offers significant debt relief when used properly, but it is not a simple process to navigate. If you believe that bankruptcy may be a good fit for your goals, be sure to use high-quality resources and guidance throughout the process.

As you move through bankruptcy, a clear understanding of the process helps ensure that you do not miss some important benefit or suffer unnecessary harm. Beginning a bankruptcy and failing to complete it properly can leave you in even more difficult circumstances than before. With a strong plan and good legal resources, these challenges are nothing to fear.

Your debts don't have to stick around, if they qualify for discharge. With a strong plan, you can confidently execute a successful bankruptcy and begin rebuilding your credit.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Office Locations

Shreveport Office
4700 Line Avenue, Suite 200
Shreveport, LA 71106
Fax: 318-868-8966

Map & Directions

Shreveport Office

Alexandria Office
1118 3rd Street
Alexandria, LA 71301
Phone: 318-224-0340
Fax: 318-868-8966

Map & Directions

Alexandria Office

Lafayette Office
2901 Johnston Street, Suite 202
Lafayette, LA 70503
Phone: 337-205-0492
Fax: 337-456-5465

Map & Directions

Lafayette Office