How Can I Rebuild My Credit After Bankruptcy?


Having a bankruptcy filing on your credit report is obviously not a positive event. The bankruptcy notation stays on your credit report for 10 years, and does have the effect of lowering your credit score. However, there are steps you can take to minimize the negative effect of the bankruptcy notation, and rebuild your credit after your bankruptcy case is over.

For many people, a bankruptcy notation may not make much of a difference at first, since they may be behind on credit cards, have a foreclosure or repossession on their credit report, or have a high debt-to-income ratio. The bankruptcy discharge generally wipes out the delinquent debt, which improves the debtor’s debt-to-income ratio. Some people even find that their credit score is higher after bankruptcy than it was before.

There are steps you can take to help your credit score improve more quickly after a bankruptcy....

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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