Every year, millions of people make the decision to file for bankruptcy every year. Whether it is because of illness or loss of employment, the debts have grown out of control until there is no other choice than bankruptcy credit repair.
What many people do not understand is that bankruptcy, although it is meant to help, can be devastating for many years. After all is said and done, you need to begin repairing your credit as soon as possible. It will be a long and difficult process, however millions of people have gone through it. Using a bankruptcy credit repair kit can assist you, however you will need to understand the bankruptcy process completely.
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What Happens to Your Credit Report After Bankruptcy?
Your credit report is a record of all of your big business transactions that you have done in the past seven years. Even though your bankruptcy has been discharged, it doesn't necessarily mean that the creditors will be removed from your credit report. They will remain as part of your credit history. Your payment history will also still be available for future creditors to view.
What will happen to credit repair after bankruptcy is that the balances of all the creditors on your credit report will show as zero. Your bankruptcy will also show on your credit report for up to ten years, so it is important to start rebuilding your credit as soon as possible. You can speak to your local lending institution as to how this is accomplished. As time goes on, you will find that you will be eligible for different options.
People Who Pick on Bankruptcy Victims - Avoid the Scams
When you have declared bankruptcy, it is very important that you start to repair your credit as soon as possible. It is however very important that you do not use the first company that you find. There are many people in the world today who will take advantage of you at this vulnerable time. If someone contacts you with the promise of repairing your credit overnight, it is most likely a scam. You will probably see and hear from more people than you care too, however it is important that you do not give them any personal information. Say no thank you and be done with it. No matter what you do, it will probably take years to restore your credit after bankruptcy.
There may be a few credit repair agencies that are not scams, however most of them are. You can determine this by a few different methods.
1.Ask for a phone number where you can reach them and call at odd hours to see if there is a business recording. If you cannot call into this number it is a scam.
2. Contact the better business bureau or attorney generals office in the state where the business is supposed to be located.
3. Look for your legal rights in all paperwork that is sent to you. if it is not there, then it is an indication of a scam.
4. If the company wants payment of services up front, it could be a scam.
5. Companies offering new credit reports or offer to dispute your bankrupted credit report could be a scam.
Tips for Getting Credit Back on Track
Millions of people who have had to file for bankruptcy are fearful of falling back into debt. They are also afraid of they will fall for a scam in order to make the nightmare go away. You do not have to rely on anyone else to repair your credit, nor do you have to pay outrageous fees. You can do it yourself by simply using your head. Guidelines have been developed to assist the consumer in this task.
· Add a note- you have the option of having a note placed on your credit report stating what your situation is and that you have declared bankruptcy. An explanation of what the bankruptcy covered will go a long way in credit repair.
· Reduce your spending - once you have declared bankruptcy, all of your bills will be wiped out. You will have a clean slate. If you do not amend spending habits, you will end up in the same situation again. You do not want to use bankruptcy more than once in your lifetime. If you have good employment, lenders will look at your income versus your bills and are more likely to grant your application.
· Beware of credit Repair Companies - it is very important that you know that there are people out there ready to scam you at anytime. Companies who offer you free credit repair do not want anything but your money. Once the have gotten it you will never hear from them again.
· Pay on New Agreements - Once you have started to establish good credit again, it is very important that you make all of your payments on time. Because you have had a bankruptcy, making late payments on any of your accounts will only lower your credit score. This is something that should be avoided at all costs.
Bankruptcy repair is critical after going through a bankruptcy. You may have lost control of your finances in the past, however, you do not want to make the same mistakes twice. By controlling yourself you will establish your credit again and this bump in the road will be in the past before you know it.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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