Your Texas bankruptcy filing is finalized, you have a clearer financial situation and now it’s time to get back on your feet. One of the first things you’ll hear when it comes to advice on life after bankruptcy is that you need to start reestablishing good credit – but where to begin?
One of your options is getting a new credit card, but this may not be a good idea at first, especially if credit cards were your debt downfall in the past. Don’t start filling out applications left and right, take some time to consider all your credit options and talk to your Dallas bankruptcy attorney.
Your attorney will know your financial history and limits by now and will be able to advise you on the best choice for regaining credit history. When determining if a credit card is your right path to new credit look for these 4 signs that you’re ready for the responsibility:
- you have steady income;
- your other monthly expenses are taken care of and you have a good amount of remaining income;
- you have researched various types of cards and have found one that gives you the best interest rates and an appropriate credit limit; and
- you are not considering a credit card because you have purchases you want to make that you could not immediately pay for with cash or a debt card.
Basically, you need to make sure that you are not getting a card to make purchases that would be otherwise out of your spending ability – that’s how most people get into debt in the first place.
Even if you must get a card with a high interest rate, if you waited until you had steady income with funds leftover after paying your monthly expenses you should be able to pay your balance in full each month if you spend within your limits.
When you are confident in using a credit card responsibly you should apply only for 1 or 2 at a time to avoid too much prodding into your credit history. After obtaining a card you can begin small, manageable charges that can be paid off each month to help build a good credit history and put your bankruptcy filing behind you over time.
Protect Your Financial Future with a Dallas Bankruptcy Attorney
It’s not impossible to establish credit following a personal bankruptcy in Texas, you just need to go about it the right way. By working with a Dallas bankruptcy attorney you can put forth every effort to make your life after bankruptcy as easy as possible.
At Warren & Migliaccio, L.L.P. our Dallas bankruptcy attorneys want to help you make the best financial decisions for your situation. We’ve helped clients file Chapter 7 and Chapter 13 bankruptcy and work toward rebuilding a new credit history. We also provide guidance for homeowners facing foreclosure, and debtors being harassed by collection agencies.
We offer a FREE no cost consultation to discuss your reasons for filing bankruptcy. With the help of our attorneys you can make informed decisions about your financial future and work on getting your life back on track. Call us at 1-888-584-9614 or contact us online to schedule an appointment today.