The troubling economy of the past few years has damaged credit scores of people everywhere. Interest rates are low, and there are a plenty of great deals on houses and automobiles. To take advantage of the great deals out there, it is important to repair your credit. Before you can improve your scores, you need to know where you stand. Your credit score, or FICO score, is a number ranging from 300 to 850, and will determine what kind of interest rate you can get.
A good place to start on your path to credit improvement is to pay off your loans. Paying off your installment accounts can help your scores, but usually not as much as or paying off revolving accounts such as credit cards. Compiling large balances can hurt your scores, regardless of whether or not you pay your bills in full each month.
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The credit bureaus typically calculate your scores based upon your previous balances.
Make a list of the items in dispute so you can submit them to the credit bureaus. Be sure to write an explanation as to why you dispute the negative information, list the account numbers, dates, and balances. Politely ask them to remove any incorrect information.
Is Bankruptcy the Best Option?
Should you determine that declaring bankruptcy is the best option for you, you will need to consult a bankruptcy lawyer. The attorney will advise you as to the best time to file, what type of bankruptcy you should file for, and whether or not you can maintain your assets. You will need help to determine whether chapter 7, or chapter 13 bankruptcy is the best option.
Filing a personal chapter 7 bankruptcy can be complicated. The BAPCPA bankruptcy act of 2005 has further limited the number of attorneys who handle bankruptcy filings. The sometimes onerous requirements outlined by the act have led many lawyers to focus on other fields.
If you are having a hard time finding an attorney, or simply can't afford it, you can always choose an online provider of full service chapter 7 or 13 filings. Or, you can seek the help of a paralegal. This approach can help you save money and eliminates the hassle of dealing with legalise an complicated software.
The bankruptcy forms are prepared by experts in the field, rather than by debtor themselves. It is important to keep in mind that hiring a paralegal to prepare the petition does not guarantee legal compliance, or that your filing will be successful. Trained paralegals personally prepare documents and submit them to the debtor. These customized documents can be more effective than the standard forms produced by software. The preparer should follow the guidelines set by the BAPCPA to ensure your protection.
Keep in mind that there is no law that says that Bankruptcy, or any other credit account information, must stay on your credit report for a pre-determined length of time. Credit Laws only define things that must come off after a certain number of years. Bankruptcies are removed from your credit report after 10 years, and other negative information disappears after 7 years. However, having a bankruptcy on your record can impede your ability to qualify for government grants, and other forms of federal funding.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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