If you just went through a Chapter 7 bankruptcy, your credit score is not going to magically increase and get better. In order for your credit score to get better, you are going to need to take steps to move forward in your financial life.
Pay Your Bills
The first thing you need to do is make sure that you pay your bills on time. If paying your bills on time was part of your downfall before, set it up so that you put all of your bills on auto pay. Set up a bank account just for paying your bills, and put the amount of your bills in your account each month. That way, you will be able to touch or access the money to pay your bills and you will ensure that you make your bill payment on time every time.
Even bills that are not reported to a credit agency, such as your internet bill, can come back to hurt your credit report if you fail to pay your internet bill. Your bill can be sent to collections, which will show up on your credit report, and result in a negative remark on your credit report.
Make Sure Your Credit Report Is Accurate
Next, wait a few months after your bankruptcy to check your credit report. This will give all of the companies whose debit was discharged during the bankruptcy a chance to report this action to your credit agency. If there are any issues with your credit report, contact the credit reporting agency directly and let them know that the debt has been discharged. Be prepare to show them some evidence that the debit has been discharged as well.
Work On Your Unsecured Debt
There are some debts that even bankruptcy cannot get rid of for you. Bankruptcy is not going to get rid of your back income taxes or your student loans. You are going to need to deal with those on your own.
For your student loans, see if you can consolidate your student loans using an income-based repayment system. An income-based repayment system will allow you to set affordable payments that you can keep for your student loans.
Contact the I.R.S. and set-up a payment plan. They are not going to expect you to pay back your entire loan all at once. They are going to be willing to work with you as well. Once again, set up a payment plan that you can afford.
Showing that you are actively making payments on your student loans and your taxes is not going to immediately raise your credit score or get rid of your missed payments; however, each month of positive payments will help you out.
After you get out of bankruptcy, your credit score is not going to immediately increase. You are going to need to take steps to improve your credit score again. You can start by setting up an account for your bills and putting your bills on an automatic payment schedule. Then set up payment plans for your unsecured debts and keep an eye on your credit score, making sure that it is accurate. Work with a bankruptcy lawyer at firms like Dunbar & Dunbar for more help.