Rebuilding a credit score following bankruptcy | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Rebuilding a credit score following bankruptcy

There are many people in Oklahoma who are committed to fulfilling their responsibilities but are struggling with debt. While they are willing to work hard to pay their bills, for example, there are often circumstances beyond their control that can lead to overwhelming debt. In many cases, bankruptcy may be the best option to gain more solid financial standing.

Some reports indicate that more than 500,000 people in the United State seek bankruptcy protection each year. For many of these, the debt struggles stem from medical debt. While there are several options to help manage this debt, some people come to the conclusion that their only option is to seek bankruptcy protection.

There are, of course, consequences of seeking such protection; however, many of them are fleeting, and with time, can be overcome. For example, while a bankruptcy filing goes on a person's credit report, it is eventually removed; the length of time it remains depends on the type of filing. And the filer's score will be impacted, but the person can start taking immediate steps to improve it. Ensuring that all bills are paid on time will help one's credit rating climb. Additionally, being added as an authorized user on a person's card who has a history of paying on time could also boost one's score.

Unfortunately, there are those in Oklahoma who work hard to pay their bills. However, an injury or serious illness can quickly result in debt that is overwhelming. While there are consequences to seeking bankruptcy protection, a frank conversation with an attorney who is experienced with such proceedings can help those struggling with debt fully understand that seeking such protection is their best option.

Source:, "How Long Will a Bankruptcy Stay on My Credit Report?", Maurie Backman, Dec. 20, 2017

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