If you’ve encountered financial hardship, you may have applied for bankruptcy.
Many people worry that with a bankruptcy on their credit report, their hopes of good credit are forever doomed. This is not the case.
Bankruptcy serves to help you remove old debts, repay the debts that you can afford to pay, and start fresh with a clean slate.
You will be able to save much of your property and assets. Once you have created a plan, you’ll be able to start building a new history by adding good credit to your report.
A bankruptcy attorney will know the best course of action for your financial needs.
Additionally, due to new bankruptcy laws, you will take counseling classes before filing for bankruptcy. You’ll also take debtor classes after you’ve filed so you’ll have a complete understanding of the credit process and how it works.
Your bankruptcy may be reported on your credit report for up to ten years. But, your credit report isn’t simply based upon negative information.
Positive information is also posted to your credit report. If you want to ensure that your credit report is positive and you want to take steps to repair it after bankruptcy, you’ll need to make an effort to build as much positive recent credit as possible.
If you have ordered a copy of your credit report and find information that you wish to challenge, you can simply add that information yourself. You do not need to pay anyone to repair your report.
You should ask your arttorney for any advice regarding adding information to your credit report or disputing claims. The Fair Credit Reporting Act exists to help ensure that you have access to your credit report and the ability to dispute information on the report yourself.