Filing for bankruptcy protection can be a breath of financial fresh air if you want a financially fresh new start, but a bankruptcy will be reported and remain on credit reports for up to 10 years. So, can you remove a bankruptcy from your credit reports?
There are certain companies on the internet today that promise they can remove a bankruptcy filing from your credit reports. One source claims that some of these companies use new social security numbers to remove the record from your name, but if that is the case, that might be considered fraud. So, beware of scams to remove your credit history.
The truth of the matter is, if creditors and credit reporting agencies are following the legal guidelines set out in The Fair Credit Reporting Act, there is not much legally you can do to remove the bankruptcy from your records.
Some legal firms specialize in finding ways to legally force creditors and credit reporting agencies to remove questionable debts that lower scores, but raising your credit score is not the same as removing the fact you filed a bankruptcy. What raising your credit score might do for your is soften the financial negative effect a bankruptcy filing may have. Therefore, what may be more important than removing a bankruptcy from your credit history is the fact your credit is improving.
The good news for bankruptcy filers today is that bankruptcies on credit reports can be viewed as a positive thing by some creditors, especially if you are beginning to rebuild your credit after a bankruptcy filing. Filing for bankruptcy is a responsible way for honest individuals to work their way out of an unfortunate financial dilemma and in some cases to start fresh, and many view bankruptcy protection as simply a tool used used by our society to potentially help alleviate a bad financial situation between two parties.
Since rebuilding your credit can be important to a fresh start, there are other ways for you to immediately begin rebuilding your credit that do not include legally challenging your reports.
Some of the things you can do to immediately begin rebuilding your credit is to open new lines on credit cards, get a secured credit card, rent, and continue to monitor your reporting agencies for errors. By using these techniques you may have to use higher interest credit cards, but the rewards may be worth the risk if you can maintain timely payments.
Bankruptcy laws can be complicated, and common sense indicates you might need a bankruptcy lawyer in order to help you understand how these complex laws may apply in your particular situation.
If you determine you are in need of relief from the stress associated with debt and you live in or around the metropolitan area of Indianapolis, Indiana, contact us here today at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.
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