How To Rebuild Your Credit Rating After Bankruptcy
Bankruptcy attorney Benjamin Ginter runs the Law Offices of Benjamin J. Ginter in Cranford, New Jersey. Here, he says that it is possible for people who file for bankruptcy to rebuild their credit rating.
You may despair at the thought that you will never get credit again after filing for bankruptcy. But the truth is far from that. Your bankruptcy can be erased from your record after 7 to 10 years' time.
How to Rebuild Your Credit
Your credit report is based on many factors, which include your income and the debt you acquire after the bankruptcy. It is also based on whether or not you are paying your existing debt on time.
If you try to rebuild your credit, you must pay your bills and existing debt on time. When you use a credit card, you must pay the balance in full each month. If you need a car, you can get one. But make sure you make payments on time, as delayed payments will hurt your credit. Just be optimistic. Over time, your credit will improve, as long as you play by the aforementioned rules.
Different Credit
In my opinion, there is good credit and bad credit. Bad credit is like a department store card, such as Target or Bloomingdales, known as an unsecured credit card. Good credit consists of things like financing a car or your mortgage.
When you have a mortgage and you make payments each month, your credit will go up. But if you open many department store cards and you have open credit limits, that could negatively affect your credit.
What to Notify Creditors
The bankruptcy court will notify all creditors of the following items by email:
- The filing of the bankruptcy
- The case number
- The automatic stay
- The name of the trustee assigned to the case (if filed under Chapters 7 or 13)
- The date set for the meeting of creditors
- The deadline, if any, set for filing objections to the discharge of the debtor and/or the discharge of specific debts
- Whether and where to file claims
The exact information in the notice may be slightly different depending on the chapter under which the case is filed.
Questions and Answers
This article discusses the top 5 reasons people who are planning to file for bankruptcy need to hire a bankruptcy lawyer.
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Chicago bankruptcy lawyer are frequently asked whether it makes sense to try to settle debts out of bankruptcy. Debt settlement firms claim that they can settle credit card debts for pennies on a dollar.
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Students from both private and public universities all over the country may also provide low cost or free advice. The sessions will only achieve directing clients to the right legal path in filing the right papers. Note that with the new bankruptcy laws taking into effect making the bankruptcy filing process more difficult than usual, an experienced bankruptcy attorney will be worth your money.
Many people who enter the bankruptcy process worry about the fate of their credit. This is actually unnecessary as the bulk of credit damage happens before the bankruptcy process is even initiated. While no one wants the added hassle of rebuilding their credit after resolving debt troubles, doing so can put you leaps ahead of others in the credit game.
Americans are now filing Chapter 7 or 13 Bankruptcy to get their debts under control. Bankruptcy in itself is designed for debt elimination. Chapter 7 bankruptcy functions to cancel out unsecured debt such as utility or medical bills, credit card, etc. Chapter 13 Bankruptcy on the other hand is designed to give individuals more time in repaying all their debts.
Filing for bankruptcy is good news whenever you are struggling with your credit card debt, mortgage or medical bills. Bankruptcy laws help families and individuals in their debt struggles. You have two options on how to deal with your debt problems, Chapter 7 (debt elimination) and Chapter 13 (reorganization). Always remember that you can regain credit again after successfully filing your bankruptcy.
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