Many mistakenly believe that it’s impossible to get credit after declaring bankruptcy, when the case is quite the opposite. In fact, you’re likely to be issued offers by several credit card companies after your case has been closed. That doesn’t mean, however, that you should take any offer that comes to you.
In order to secure your financial stability and future, consider opting for a secured card. Secured cards are similar to traditional credit cards, except that they require a cash deposit upfront as collateral for the credit line. With a secured card, you can spend up to the limit of your card, but should you fail to pay off the balance of your card, the deposit covers the balance.
You may prefer to go with a traditional, unsecured credit card, but if you do, make sure that you have a thorough understanding of the upfront fees and interest rates associated with the account.
Whatever option you go with, remember to only purchase what you can afford. Credit gives people the ability to buy products with money they haven’t put down yet, and sometimes with money they haven’t earned yet, so follow the principles of smart spending. Use your credit card to rebuild your credit score, not to buy extravagant items and trips that you can’t realistically afford.
If you’re facing bankruptcy, consider speaking with a bankruptcy attorney in Dallas, Texas who can help you with your Chapter 7 or Chapter 13 bankruptcy petition.
Contacting a Bankruptcy Attorney When You Need Help
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.