Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get credit after filing personal bankruptcy?”
What is the first thing a person should do after bankruptcy? Get a credit card!
Not really, but you should at least think about opening some new credit lines, according to Gene Melchionne, a Connecticut-based bankruptcy attorney. Think about credit, but “Don’t go crazy trying to get new credit right away,” Melchionne advises.
The nice thing about emerging from bankruptcy, Melchionne says, is that you no longer have to worry about the debts that were dragging down your budget before bankruptcy. On the other hand, your credit score is in the gutter, and you need to take on some credit in order to start to bring the score up.
Melchionne suggests starting with a small credit limit and monitoring credit card use closely to make sure you can pay off the entire balance each month.