Bankruptcy and Your Credit Report
If bankruptcy is inevitable, you may file either a Chapter 7 bankruptcy or a Chapter- bankruptcy. Chapter 7, also called a "liquidation bankruptcy," provides for the discharge of your debt. Chapter-, also called a "reorganization bankruptcy," allows you to negotiate a repayment plan.
Will Bankruptcy Affect Your Credit History Adversely?
Creditors will stop trying to collect amounts you owe once you file bankruptcy. However, this will adversely affect your credit history for quite some time. In essence, filing bankruptcy will make it much more difficult to purchase a home or buy a new car.
When you file bankruptcy, your credit score will plunge by hundreds of points. This same bankruptcy will remain on your credit report for 10 years, unless you try to remove it. One option to consider is rebuilding your credit score. This, however, is difficult at best when no one is interested in offering credit to you.
A credit company will most likely deem a person with a bankruptcy on their credit report as a possible financial liability. In light of this, you might want to consider repairing your credit score.
Instead of waiting 10 years for the bankruptcy to clear from your credit report, you can take definitive action. Credit repair allows you to rebuild your credit score more quickly, become eligible for new loans in less time, and become credit worthy faster.
Rebuild Your Credit Legally
Challenging information on your credit report IS legal. Pursuant to the Fair Credit Reporting Act (FCRA), you may contest any entry on your credit report which you believe is inaccurate.
Creditors and credit bureaus are required by law to investigate and verify this information. If negative information cannot be verified, it must be permanently deleted.
If this sounds like a solution you are interested in, you could benefit from expert advice and assistance. The legal professionals at Lexington Law have the tools and experience to help you. Consider Lexington Law when it comes to deleting negative entries from your credit report. - 31380
If bankruptcy is inevitable, you may file either a Chapter 7 bankruptcy or a Chapter- bankruptcy. Chapter 7, also called a "liquidation bankruptcy," provides for the discharge of your debt. Chapter-, also called a "reorganization bankruptcy," allows you to negotiate a repayment plan.
Will Bankruptcy Affect Your Credit History Adversely?
Creditors will stop trying to collect amounts you owe once you file bankruptcy. However, this will adversely affect your credit history for quite some time. In essence, filing bankruptcy will make it much more difficult to purchase a home or buy a new car.
When you file bankruptcy, your credit score will plunge by hundreds of points. This same bankruptcy will remain on your credit report for 10 years, unless you try to remove it. One option to consider is rebuilding your credit score. This, however, is difficult at best when no one is interested in offering credit to you.
A credit company will most likely deem a person with a bankruptcy on their credit report as a possible financial liability. In light of this, you might want to consider repairing your credit score.
Instead of waiting 10 years for the bankruptcy to clear from your credit report, you can take definitive action. Credit repair allows you to rebuild your credit score more quickly, become eligible for new loans in less time, and become credit worthy faster.
Rebuild Your Credit Legally
Challenging information on your credit report IS legal. Pursuant to the Fair Credit Reporting Act (FCRA), you may contest any entry on your credit report which you believe is inaccurate.
Creditors and credit bureaus are required by law to investigate and verify this information. If negative information cannot be verified, it must be permanently deleted.
If this sounds like a solution you are interested in, you could benefit from expert advice and assistance. The legal professionals at Lexington Law have the tools and experience to help you. Consider Lexington Law when it comes to deleting negative entries from your credit report. - 31380
About the Author:
We raised our credit scores from the upper 500 range to 745 and 763 in under six months and got approved for our dream home. See proof of our credit repair success at www.creditforcouples.com and get the real truth about lexingtonlaw.com .
