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Bankruptcy And Your Credit

Oakland Credit Attorney

Don’t Wait Too Long To File Bankruptcy

One of the biggest concerns people have when they are considering bankruptcy is the impact a bankruptcy will have on their credit score. Although filing bankruptcy may negatively impact your credit score, it is possible to rebuild your credit after bankruptcy, sometimes very quickly. In fact, most lenders agree that if you have the requisite income, you may qualify for a home loan in as little as two years after the discharge of your bankruptcy. In addition, many people are eligible for car loans within months of the discharge of their bankruptcy case.

At the Oakland Law offices of Melanie Tavare we will help you in your first free consultation to decide if bankruptcy is right for you. We will under no circumstances recommend bankruptcy if there are better options that may be available for you. If you are struggling with debt, it is advisable to speak to a bankruptcy lawyer sooner than later. Waiting could end up costing thousands of dollars and negatively impacting you credit even more with late or skipped payments.

What Is Your Credit Score Right Now?

A lot of people filing bankruptcy have got to the point where their credit score is already low due to delinquent and skipped payments. Often times these people will see their credit score go up within a year of filing bankruptcy because the bankruptcy acts to stop the “bleeding” and wipes out the debt. Once the debt is wiped out, people can start to rebuild.

How Long Does It Take To Get Your Credit Score Back?

Although individual circumstances vary, many people are very surprised with how fast they start getting credit card offers after filing a bankruptcy. You can typically get back to your original credit score or better in about a year. A lot of this will depend on what you do for your credit after the bankruptcy.

Rebuilding Your Credit

There are many ways for you to rebuild your credit after bankruptcy. How fast you rebuild your credit will depend a lot on you.

Credit Cards: There are credit card companies that will give credit to someone who has filed bankruptcy. If you take these credit offers up, it is extremely important to make payments on your new cards on time and, if possible, in full. Often times the interest rates on these cards can be extremely high. Once you get a credit card it is recommended you don’t cancel that account. Your credit history plays an important part in your credit score. The longer you have an account open the more history it shows the credit bureaus.

Secured Credit Card: If you can not find a credit card company that will give you a card then you can try getting a secured credit card. This type of credit card requires  you to leave a security deposit in order to protect the company. After making payments on time for a year the card company may convert the card into a regular credit card. Avoid using prepaid credit cards since they do not report anything to the credit bureaus and do not help you re-establish credit.

Applying for New Credit: It is important that you do not apply for too much new credit all at once. The credit bureaus interpret this to mean you do not having enough money to buy what you want and therefore are relying on credit for your basic necessities. This will harm your credit score.

Making Payments and Charging your card: Before and after filing bankruptcy it is extremely important to keep making payments on time to your secured creditors. After bankruptcy making your payments on time is one of the most important things you do. Also avoid using all available credit on your credit cards. The rule of thumb is to use under 30% of the available maximum credit you have for each card and to try to pay the balance in full each month.

Check your Credit Report after your Bankruptcy: It is recommended you check your credit report annually to make sure there are no errors. It is important to check it after your bankruptcy to make sure your bankruptcy is reported and that all credit cards show that the debt was discharged in the bankruptcy. If not then you can dispute it with the credit bureaus.

Contact us Today

Filing bankruptcy can help your credit get back on track. If there are better options than bankruptcy we will be happy to discuss those with you. For a no obligation, free consultation call the Law Offices of Melanie Tavare.

The Law Offices of Melanie Tavare is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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"Melanie is the best she very responsive and helpful throughout the process everything was taken care of smoothly. If you are thinking of going through bankruptcy she is the best attorney for you. I will forever be grateful having the chance to work with her. She is very honest too."


"I can't thank Melanie enough for helping me through a challenging process and doing so with incredible knowledge, professionalism and tenacity! She went to great lengths to keep me informed, she responded quickly to my questions, and communicated in terms that I could understand. I highly recommend getting in touch with Melanie should you have the need."


"Choosing to work with Atty. Melanie has been one of the best decisions I've ever made. She was a very patient professional to work with and attentive while providing valuable solutions to all of my concerns. If you are searching for of an Attorney who is knowledgeable, transparent, and diligent - well that's Atty. Melanie."


"What I liked about working with Melanie was how prompt and easy to work with she was. She made the process clear and understandable with as little stress as possible. I would work with her again and recommend her to others."