Muskogee Lawyer BlogGetting Credit After A Muskogee Bankruptcy (The Easy Way)

Muskogee bankruptcyThe recent recession has left many Oklahomans facing mountains of debt and unable to keep up with their debt payments. Many have considered seeking relief from creditors by filing for Chapter 7 bankruptcy, but are unsure if they will ever be able to get credit again after filing bankruptcy. The truth is, however, that getting credit after filing bankruptcy is much easier than you think. Read further to learn how you can get credit after a Muskogee bankruptcy.

Credit After a Muskogee Bankruptcy

A Chapter 7 Bankruptcy will remain on your credit for ten years after filing. Despite this reality, you are more likely to be eligible for credit after filing Chapter 7 Bankruptcy than before. This is because the discharge of debt you receive under Chapter 7 immediately improves your debt-to-income ratio, which is something that future lenders take heavily into consideration. Lenders are also aware that after filing Chapter 7 Bankruptcy, you will not be able to file for bankruptcy again for another 8 years, which makes you far less of a credit risk.

So the good news is that after filing Chapter 7, you may find yourself receiving many credit applications in your mailbox. The downside is that these credit offers will carry high (sometimes extremely high) interest rates. This being said, you have to start somewhere, and if you use this credit as a tool for rebuilding your credit, rather than as everyday financial resources, you will be able to repair your credit after a Muskogee bankruptcy.

How Credit Unions Can Help You Reestablish Credit After a Muskogee Bankruptcy

The best way to rebuild your credit after a Muskogee bankruptcy is to establish a new line of credit with a credit union. Credit unions will give you much better interest rates, and many of them have special programs to help individuals rebuild their credit. Furthermore, lenders look upon this type of credit more favorably, so your credit score will improve faster.

Credit unions can also offer you secured credit cards, which are credit cards that are secured by money you have deposited in an account with the credit union. For instance, if you deposit $500, you will be given a $1000 credit limit to be drawn upon as long as your loan balance is less than your deposit. If you pay your bills on time, within a year or two you will be eligible for an unsecured credit card with a higher credit limit and even lower interest rates. Traditional banks offer secured credit cards as well, but usually with much higher interest rates. So obtaining a secured credit card through a credit union is highly preferable.


No matter how you decide to reestablish your credit, it is important to start immediately after your Muskogee bankruptcy and to make your payments on time. Rebuilding your credit after bankruptcy will take time and patience, but if you can show lenders that you have established new payment habits, it won’t be very long before you are again eligible for traditional auto and home loans.

Free Consultation: Muskogee Bankruptcy Attorney

Don’t let your financial problems get worse; get help today by calling Wirth Law Office – Muskogee at (918) 913-0725, or toll-free at 1 (888) 447-7262 (Wirth Law) for a free consultation with a skilled Muskogee bankruptcy attorney. If you prefer, you can use the box in the upper right corner to send us a short message.

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