How Do I Fix My Credit After Filing For Bankruptcy

Fix My Credit After Filing For Bankruptcy

At KeyPoint, we often receive inquiries from individuals who have recently filed for bankruptcy. Most, if not all, of them started with the question “How do I fix my credit?” or a variation of that. Under Chapter 7 for bankruptcy cases, individuals are forced to liquidate most of their assets, keeping only a few exempt properties such as family cars and a small amount of cash, usually not exceeding $20,000. While the definition of exempt property varies from state to state, bankruptcy generally leaves just enough cash for the individual to live on for a month or so.

This is partly why many bankrupt individuals are interested in getting credit. But because bankruptcy is often reflected in credit records for around ten years, it is often difficult to financially recover and rebuild one’s life again. Thus, some have turned to other means to get their records straight and to qualify for better rates on loans.

One way of fixing one’s credit is to get a secured credit card. Many providers offer low initial deposit requirements, sometimes as low as $300, and waive the annual fees as well. They also require fewer documents, making it a popular option for those who are just starting out in their careers or are picking up the pieces after a bankruptcy declaration. It is a quick and easy fix, particularly if the card issuer reports to the three major credit reporting bureaus.

If, for some reason, a secured credit card is not a viable option, maybe it’s time to look through your credit reports and see if there’s anything you may have missed. As a consumer, you have the right to receive credit reports from the three credit bureaus every twelve months. Once you get your copies, get help from a credible credit repair company, one that will help you spot and report anything worth disputing. Once the investigation comes out in your favor, the negative record will be removed from your credit report.

The question “How do I fix my credit?” should not be taken lightly, especially if you are bankrupt and have limited funds. You should allocate your time, strength, and resources so that you have enough of all three to keep rebuilding your life, career, and relationships. Getting help from a top credit repair service, such as KeyPoint, will help you turn your life around. We have experience in getting negative records removed from credit reports and we help our clients take control of their finances and account information in order to prevent fraud.

To know more about the services we offer, visit our website or schedule a free introductory consultation.