Can You Have Good Credit After Chapter 7 Bankruptcy in Phoenix?

Greeves & Roethler, PLC

You can start rebuilding your credit immediately after bankruptcy. On-time payments to your secured loans and getting a secured credit card are key.

A Chapter 7 bankruptcy gives you the relief of fixing your credit.  It’s called the “fresh start bankruptcy.”  This includes having the ability to get decent credit.

If you are considering bankruptcy, chances are your credit isn’t fantastic. But the misconception that bankruptcy ruins your financial future forever is inaccurate.

The truth is you begin to restore your credit immediately.  This means the day after filing your bankruptcy.

Although a bankruptcy remains on your credit reports for 10 years, you can have good to excellent credit within approximately two years. You can help the process by offsetting the bankruptcy on your credit report with new positive credit such as continuing your secured loan payments or obtaining a secured credit card and using it appropriately.

Rebuilding your credit is a bit different after a Chapter 13 bankruptcy.  The timeline is a bit different and the need to get a secured credit card is probably not necessary.

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