While bankruptcy is never an easy choice, it does provide a new financial start for you if you are otherwise unable to uphold your financial obligations. Bankruptcy does damage your credit history but it is possible to recover if you take the appropriate steps and avoid common errors. To recover from bankruptcy, consult your Minneapolis bankruptcy attorney and follow these rules for credit repair.
Check and Revise Credit Report
It's up to you to ensure that your credit report is up to date. When you've paid off a debt, follow up and make sure you credit report reflects an accurate status. Once your debt discharge is complete make sure you look over a copy of your credit report with your Minneapolis bankruptcy lawyer.
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You can appeal any inaccurate information by reporting it to TransUnion, Experian, and Equifax. If your information has not been updated a few months following the discharge of debt, contact these national credit reporting agencies directly.
Reestablish Credit-Slowly
Begin reestablishing post-bankruptcy credit by paying all monthly bills (car, mortgage, utilities) each month before they are due. Before you incur further debt or sign up for a new payment plan, ensure that you can afford it. When there is money leftover after monthly payments, consider acquiring a small amount of credit. If you still need help, contact an expert in Minneapolis bankruptcy law for an accountant referral.
It's okay to be discerning about applying for credit. Try finding one credit card with a low interest rate and, before using the card, make sure you can pay your balance in full each month before it is due. If you can succeed in this you'll eventually see your credit score rise.
Ignore Bad Deals
It's just like turning eighteen all over again- once your debt has been discharged you'll receive a multitude of offers for credit cards and loans. Most of these are bad deals initiated by lenders hoping to take advantage of you as you emerge from bankruptcy. To avoid this, consult your Minneapolis bankruptcy lawyer and read all contracts very carefully-including all that fine print.
Establish Secured Debt
You should be able to establish some sort of secured debt immediately with a secured credit card. By paying up front, you can build your credit and avoid charging more than you can afford to pay.
It's unfortunate that you've had to file for bankruptcy but once you are finished the process, you will be able to recover quickly if you simply follow these methods.
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