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Home 9 Bankruptcy 9 Are you worried that bankruptcy will damage your credit?

Are you worried that bankruptcy will damage your credit?

by | Oct 30, 2019 | Bankruptcy

Filing for bankruptcy is a major decision. Many Wisconsin residents may struggle with overwhelming debt for years before deciding that taking this step could be right for them. If you are currently in this type of predicament, you may want to consider why you feel hesitant about moving forward with this debt relief method.

If you are like many others, you may worry that your credit report and score will be irreversibly damaged by bankruptcy. As a result, you may think that it is better to continue struggling rather than risk the damage of bankruptcy. However, it is likely that your current approach is already causing damage to your credit. Plus, the negative effects of bankruptcy do not have to be permanent.

Helping yourself after bankruptcy

Fortunately, if you complete bankruptcy, you can help yourself bounce back financially afterward. A number of ways exist to rebuild your credit and stay financially stable after bankruptcy, and you may be able to take advantage of any of the following steps to help do that:

  • Understand how your finances got unmanageable before so that you can work toward avoiding ending up in a similar situation in the future.
  • Keep your bankruptcy paperwork in a secure place so that you can access it when needed, particularly if the information is requested from a future lender. You could also use these documents to dispute claims from a creditor who may state that you owe a debt that you no longer do.
  • Look into your options for rebuilding your credit and determine what options could work for you. Secured credit cards are a popular option that can often help.
  • Create a budget to help manage your spending.
  • Make sure that you are financially ready to take out a new loan before you apply.

These examples are just a few of the many ways in which you could rebuild your credit after filing for bankruptcy.

Still uncertain?

If you are still uncertain about whether bankruptcy is right for you, that is understandable. A lot of misinformation regarding the process exists, so you may want to learn more about this debt relief option. Reaching out to a Wisconsin bankruptcy attorney could allow you to gain reliable information on bankruptcy and obtain answers to any questions or concerns you may have about the process. You may feel more confident in using this option if you have more knowledge about it.

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