Bryan P. Keenan & Associates, P.C.
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Bryan P. Keenan

Getting back on track after Chapter 7 bankruptcy

For those in Pittsburgh who are experiencing financial trouble and are considering bankruptcy, their concerns go beyond the process of bankruptcy itself. Their worries extend to what happens after they have filed. This is true whether it is a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. When considering how to get back into a better financial situation after the bankruptcy filing has been completed and approved by the court, it is wise to know the fundamental ways to rebound.

It is not uncommon for people who have filed for bankruptcy to experience improved credit relatively quickly -- within a year or two. To make sure things are progressing, it is important to keep up to date on credit by paying attention to the credit report. If there are issues or inaccuracies, they can be addressed. Often, people will try to expedite their credit improvement by using one of the frequently advertised credit repair companies. These will come in droves after the filing. Some are legitimate, but many are simply seeking money and do not do anything to help the debtor.

Frequently, people will make the same mistakes again after they have gotten on stronger financial ground through bankruptcy. Taking an offer for a loan or a high-interest credit card is a certain way to get into financial trouble again. Credit cards can be useful to rebuild credit by paying on time, but it should be budgeted. Getting a secured credit card can avoid overspending as it will only allow the consumer to purchase what can be paid off immediately. An unsecured credit card can be acquired later. Understanding a "credit mix" can be useful. These are the loans that are in a person's credit file. This will be shown in the credit score and the score will be determined in part by how well the person is handling the debt.

Filing for Chapter 7 bankruptcy is just the first step in getting into a better financial situation. Knowing how the aftermath of bankruptcy will affect a person's life can be just as important as the process itself.

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Bryan P. Keenan & Associates, P.C.

993 Greentree Road
Suite 101
Pittsburgh, PA 15220

Phone: 412-923-4941
Fax: 412-444-0158
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