
Rebuilding Credit with Bankruptcy Attorney in Boise
For more than 25 years, Foley Freeman has helped southern Idaho consumers and businesses take advantage of protections afforded under bankruptcy law. Bankruptcy offers many debtors the fresh start they need to achieve financial stability, but to actually enjoy full financial opportunity, it is necessary to rebuild credit once the bankruptcy process is complete.
Rebuilding Credit after Bankruptcy
An important part of rebuilding credit after bankruptcy is gaining an awareness of how credit bureaus collect and report debt. The three major credit bureaus, Experian, Equifax, and TransUnion, create credit reports by obtaining credit data from creditors and public records. The reports are then sold to individuals and organizations that have an interest in a person’s credit-worthiness, including lenders, insurance companies, landlords, and employers.
At the conclusion of bankruptcy proceedings, it is imperative for consumers and businesses to begin rebuilding their credit as soon as possible. Ways to reestablish credit include:
- Open a secured credit card with a bank or credit union. With a secured credit card, the cardholder gives some money for the lending institution to hold, and the credit limit on the card equals that amount. For a secured credit card to boost your credit score, the lending institution must report the card to the three major credit bureaus.
- Work toward opening unsecured credit cards. With an unsecured credit card, the lending institution does not require the cardholder to give any money up front to open the card. To rebuild credit, it is important to regularly use the card and pay the balance off in full each month.
- Make debt payments on time. Once new credit cards or loans are established, payments must be made on time, with no exceptions. Otherwise credit will be negatively affected once again.
- Avoid excess or unnecessary credit inquiries. Creditors make inquiries with one or more of the three major credit bureaus with each credit card or loan application. These inquiries, especially if there are many of them, can reduce a person’s credit score. Thus, do not apply for credit cards or loans that are unlikely to be approved.
At Foley Freeman, we understand that making a new start after bankruptcy can be intimidating for clients, but with diligence and care, a better financial future is possible. Our bankruptcy attorneys will help ensure that you have the tools to start rebuilding your credit.
Talk to an Experienced Treasure Valley Lawyer about Bankruptcy & Rebuilding Credit
If you are facing financial difficulties and mounting debt, bankruptcy may help restore you to positive financial health. For more information about the bankruptcy process and rebuilding credit, please contact Foley Freeman to schedule a consultation.
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Testimonials
Mark Freeman and the Team at Foley Freeman have assisted my family & I with personal and business matters for many years. They have always provided a service that is friendly and welcoming, while implementing a professional diligent service. They have assisted us with matters such as defense, estate planning, Buy Sell Agreements, liquidation negotiation and purchases, real estate ventures, and lien filings. I would highly recommend the team at Foley Freeman for any of your legal needs.
Show MoreI’ve had the pleasure of working with the attorneys at Foley Freeman PLLC for more than twenty years. They have professionally and successfully represented my interests in personal and business matters including assisting with business purchase and sale agreements, contract reviews, estate planning, and arbitration issues. I recommend them without hesitation.
Show MoreMark Freeman is our most trusted attorney for all of our estate planning needs. He and his staff were of the utmost professionalism and walked my wife and I through all the steps to make sure we had our assets, including properties in multiple states, our life insurance, and monies protected for our children and future family legacy. He answered every question we asked, and even addressed issues that could come up that we hadn’t thought of. I highly recommend Mark for any estate planning needs.
Show MoreFoley Freeman was amazing to work with! We have never needed legal counseling before and contacted them with time-sensitive needs. They were very kind, eager, and thoroughly explained everything to us. We were not pressured to make decisions or made to feel that our “small” legal issue was a waste of their time. Highly recommend their services to anyone with any legal needs.
Show MoreI just want to say thank you. This was the first time I have ever hired a lawyer and I must say that I made an excellent choice when I went with you. You were very prompt in responding to my queries and did an excellent job. I will definitely recommend you to anyone in need of a lawyer.
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