Worcester Credit Reports
Credit Scores and Bankruptcy
Many people who file for
bankruptcy are concerned about the impact it will have on their credit report. By
the time a person's financial situation is such that bankruptcy is
their best debt remedy, their credit scores have almost always decreased.
Once you file for bankruptcy, there are various ways that you can rebuild
your credit. After your bankruptcy petition has been approved, make sure
your report contains current and accurate information. Credit card data
will remain on your report for approximately seven to ten years, even
when a debt has been discharged. Keep track of when it will expire, and
make sure it is removed from your report when the time comes. Other actions
you can take to improve your score include:
- Acquiring a secured or unsecured credit card
- Paying all of your bills on time
- Monitoring your report and removing any inaccurate data
Most people are able to obtain good credit in 2 - 3 years. Smaller loans
like an unsecured or secured credit card are typically available to consumers
with regular income within a few months or filing bankruptcy as are high
rate car loans. Home mortgage loans will typically take 2 - 3 years after
bankruptcy and in some cases as little as one year, so long as you meet
other financial requirements established by your bank.
The key to rebuilding your credit and improving your score is to meet all
of your financial obligations and avoid financial mistakes of the past.
Over time, your scores will greatly improve. A
Worcester bankruptcy lawyer should be consulted if you are heavily in debt and considering bankruptcy.
You can get all of your bankruptcy questions answered and find out in
more detail how to restore your credit after your petition has been approved.
Bankruptcy Attorney in Worcester
Filing for bankruptcy should never be avoided because of fears that it
will prevent you from having credit in the future. Law Office of Robert W. Kovacs, JR. is an experienced bankruptcy firm that
can give you valuable advice regarding your finances and skillfully guide
you through the bankruptcy proves. We will make sure that bankruptcy is
the right solution to your money troubles, and manage all aspects of your
case from start to finish. Our firm will also counsel you on what life
will be like after bankruptcy, and how to improve your financial condition.
Contact a Worcester bankruptcy lawyerfor detailed information on filing for bankruptcy if you are in financial trouble.