HOW BANKRUPTCY CAN AFFECT YOUR CREDIT REPORT

Filing for bankruptcy is a difficult decision that can have long-term effects on your credit history.

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BANKRUPTCY AND YOUR CREDIT REPORT

Card ReportAs a Certified Paralegal Service, we know that bankruptcy filing can be a very difficult decision with long-term impact on your credit. Usually 10 years will lapse before the bankruptcy filing will be off of your credit report.  Most clients are able to start rebuilding their credit immediately after the bankruptcy case is closed. In some cases, you may be able to purchase a home within two (2) years after filing bankruptcy.  It is very important that you do not accept that your bankruptcy filing will be there for 10 years. Ensuring that you have the fastest recovery time possible is very critical to seeing your credit recover.

If you simply accept that your credit report will be dinged for a long time, you are likely to miss out on chances to help speed up the recovery process.

By carefully watching and monitoring your credit report, you can take a more active role in ensuring that you are able to put bankruptcy behind you. Ensuring the accuracy of payments, payment dates, loans, debts, and other credit related activity is vital to seeing a chance to turn your credit around. If something slips through, you may be slowing the recovery of your credit score.

It is important to note the distinction between a paralegal and an attorney. Paralegals are able to assist in the creation of various legal documents, drafting for different processes, and act in several other vital support roles, but they are not able to provide legal advice. State law requires that all paralegals refrain from offering counsel, advice, and guidance on legal matters. Should you wish to engage someone for those services, you should contact an attorney-at-law.