LIFE AFTER BANKRUPTCY
Restoring Your Credit in West Palm Beach
RESTORING YOUR CREDIT IN WEST PALM BEACH
With the new amendments to the bankruptcy law you may have a number of bankruptcy questions. There are quite a few bankruptcy myths floating around. The new changes have added some complexities, such as the means test, but it is not as difficult to qualify for bankruptcy as has been touted in the media since the new amendments passed.
If you are dealing with garnishments, creditor harassment, facing foreclosure, or considering a short sale, you need to know what your options are and to know the facts about Chapter 7 and Chapter 13.
WAYS A WEST PALM BEACH BANKRUPTCY ATTORNEY CAN HELP
A knowledgeable West Palm Beach bankruptcy lawyer can provide you with guidance and tips to follow after the bankruptcy process has been completed such as:
- Working out a monthly budget which spends less than you make and includes an amount to savings and follow it religiously
- Check each credit report from all three of the major companies to ensure that all of your discharged debts are correctly shown. You can send an explanation of what prompted your bankruptcy and send it to each credit reporting agency to be attached to your credit report.
- Start a savings account at a credit union and make regular deposits without fail. Once you have built up a balance, you can take out a secured loan and by making the payments on time help to build your credit again.
- Apply for a secured credit card. Many banks offer these at higher rates of interest. Ensure that whatever charges you put on your card are included in your monthly budget so you never overspend. If you pay off all the charges every month you establish a very good record with that company. Never just make a minimum payment unless that pays off the entire balance on the card. Always make your payments on time.
- Apply for a car loan or other loan after a year using a cosigner if needed and make all payments on time.
A bankruptcy will stay on your credit report for 10 years, but this doesn't mean you have to wait 10 years to buy a home or start rebuilding your credit. You can generally qualify for a home loan after a couple of years. Make a plan, follow it and develop careful habits when it concerns credit.
To get answers which make sense and work with a bankruptcy lawyer who is committed to helping you succeed, contact Attorney Edwin Walker.