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Bankruptcy Law Frequently Asked Questions (FAQs) | Missouri & Illinois Common Bankruptcy Legal Questions

Q: Is it hard to build credit again after bankruptcy?

A: There is no law preventing anyone from giving you credit immediately after your bankruptcy. There is also no law saying that they are required to; it is at the discretion of your creditors. With that being said, in my 15 years of experience as a St. Louis Missouri and Fairview Heights bankruptcy attorney, I haven’t seen anyone have too much trouble getting credit after a Chapter 7 or Chapter 13 bankruptcy in Missouri and Illinois.

It is best to start with small banks and credit unions. Start with a low limit and begin building up your savings account immediately. After a period of on-time payments and good spending practices, the larger banks should be able to see that you’ve been responsible enough in your post-bankruptcy behavior to start giving you higher limits and more credit. Bankruptcy provides a fresh start for you—but it is up to you to build the life you want afterwards. Building up credit, paying bills on time, and saving money certainly is a lot easier without creditors breathing down your back. Plus, the best Missouri and Illinois bankruptcy lawyers will give you helpful tips and secrets to get the most out of your fresh start.

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