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Bankruptcy

Four Strategies for Rebuilding Your Post-Chapter 11 Bankruptcy Credit

July 24, 2023 By wrlaw

As one of Raleigh’s leading commercial bankruptcy litigation firms with decades of experience navigating the challenging terrain of financial insolvency, we’ve witnessed firsthand the impact of Chapter 11 bankruptcy on businesses and their subsequent journey towards rebuilding their credit. 

Bankruptcy can be a profound setback, but it’s important to remember that it’s also an opportunity for a fresh start. This article provides practical, achievable strategies for businesses that are working to reestablish their financial standing. 

While the road to credit recovery may seem daunting, a proactive and disciplined approach can significantly aid your business in regaining its financial footing and improving its credit profile post-bankruptcy.

What Strategies Can We Use To Rebuild Business Credit?

Here are four solid strategies for a business to rebuild its credit after filing for bankruptcy:

  • Regular and Timely Payment of Commercial Debts: A significant part of any business credit score, similar to personal credit scores, is the history of payment. After filing for Chapter 11 bankruptcy, it is crucial to keep all existing financial obligations updated. This includes leases, utility bills, supplier payments, business credit cards, or any other type of ongoing business-related debts. Making consistent, timely payments will gradually help to rebuild the business’s credit.
  • Establish Business Credit with Secured Business Credit Cards or Loans: Post-bankruptcy, a business may find it challenging to obtain traditional credit products. Secured business credit cards or loans can be an alternative in such cases. These often require collateral (usually a cash deposit) equal to the credit limit. Responsible use of this credit—keeping balances low and making regular payments—can improve the business credit score over time.
  • Regularly Monitor and Review Business Credit Reports: Businesses should check their credit reports from the major business credit reporting bureaus (Dun & Bradstreet, Experian Business, Equifax Business) regularly for any discrepancies or fraudulent activities. Incorrect information can negatively impact the business’ credit score, so it’s important to promptly contest any errors.
  • Employ a Business Credit Repair Service: If the process appears too complex, you could consider working with a reputable business credit repair service. These types of services can assist in disputing errors on the business credit report, negotiate with creditors, and offer advice on methods for enhancing credit. As with individuals, businesses should beware of scams, and avoid any company that guarantees quick fixes or requires payment in advance.

Rebuilding business credit is not a quick process, and significant improvements will take time. Establishing and maintaining good financial practices is paramount to ensuring long-term creditworthiness.

Contact Our North Carolina Commercial Bankruptcy Litigation Attorneys Today

In the complex world of commercial bankruptcy, it’s crucial to have a knowledgeable and dedicated attorney by your side. If you’re in North Carolina and facing the challenges of bankruptcy, or need assistance in rebuilding your business credit post-bankruptcy, Wilson Ratledge can help. 

Reach out today for a consultation and let our experienced Commercial Bankruptcy Litigation Attorneys guide you through this process, providing the expert advice and support your business needs to navigate its financial future successfully. Remember, taking the right step today can put your business on a stronger footing for tomorrow. Act now to start your journey toward financial recovery.

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  • Commercial Bankruptcy Litigation
  • Business Law
  • Civil Litigation
  • Government Defense
  • Real Estate, Development & Land Use
  • Tax Issues
  • Estate Planning and Trusts
  • Workers’ Compensation Defense