Most people who are considering filing a Chapter 7 or Chapter 13 case are concerned about how they will rebuild their credit after their case had concluded. It is important to understand that filing a personal bankruptcy does not ruin your credit. With time and discipline, you can improve and restore your credit score.
It is important to understand what reporting agencies look at in calculating a person’s credit score. Some of the factors are:
•Payment history. Everyone should review their credit report each year to confirm it is accurate. If you find any inaccuracies, you should have them removed immediately.
•Credit history. It is vital to have a history of credit. Thus, it is wise to keep old credit accounts alive, especially if the account is a paid in full and sitting unused.
•Recent credit history. Timely paying your bills and keeping credit cards with only low balances is important. If you have filed for bankruptcy, it is vital that you exhibit responsible credit card use afterward.
•Debt amount. When you emerge from bankruptcy, you have likely discharged the majority of your debt. However, paying down any remaining debt should still be a priority.
•Number of types of credit being used – having secured and unsecured credit is normal, but remember that the best strategy for managing your debt is to use credit only when necessary.
A skilled bankruptcy attorney at DeLadurantey Law Office can not only assist you through your bankruptcy case, but also help you create a plan for rebuilding your credit once you’ve obtained your “fresh start.”
The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC handle Chapter 7 and Chapter 13 bankruptcies, as well as debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense and debtor’s rights matters. We serve the areas of Milwaukee, South Milwaukee, West Milwaukee, Milwaukee County, and Waukesha County, including the municipalities of Big Bend Village, Brookfield City, Brookfield Town, Butler Village, Chenequa Village, Delafield City, Delafield Town, Dousman Village, Eagle Town, Eagle Village, Elm Grove Village, Genesee Town, Hartland Village, Lac La Belle Village, Lannon Village, Lisbon Town, Menomonee Falls Village, Merton, Town, Merton Village, Mukwonago Town, Mukwonago Village, Muskego City, Nashotah Village, New Berlin City, North Prairie Village, Oconomowoc City, Oconomowoc Lake Village, Oconomowoc Town, Ottawa Town, Pewaukee City, Pewaukee Village, Summit Town, Sussex Village, Vernon Town, Wales Village, Waukesha City, and Waukesha Town. Call DeLadurantey Law Office by phone at (414) 377-0518.