Tag Archives: credit report

Rebuild Credit Following a Bankruptcy

People file for bankruptcy for any number of reasons. They may have used credit cards a bit too often. A recent divorce or death in the family may have made times difficult. Or, a string of bad luck involving unemployment and unexpected medical bills may have led to financial problems. Bankruptcy may be the best opportunity for someone to reorganize their finances so that their future earnings are going toward upcoming expenses instead of past mistakes. Even though filing for bankruptcy is a major decision, the financial improvements you see should start immediately. However, those who file should also be concerned with overcoming the negatives associated with it. A recent study showed that, over time, people who file for bankruptcy match non-filers in important measures like home ownership, savings, and credit card use. If you are considering filing for bankruptcy, a Kansas City bankruptcy attorney can explain the effects of…
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Personal Finance: Bankruptcy is No Longer a Doomsday

Chicago Tribune – The cruelest recession since the Depression has pushed people who never would have dreamed of bankruptcy to ask themselves whether they dare file now. Fear holds many back, as they worry their financial options will be ruined for life. But that is hardly the case, said Tara Twomey, a lawyer with the National Consumer Law Center. Bankruptcy has a stigma and can stay on a person’s credit report up to 10 years, but “people drowning in debt can get a fresh start and go forward keeping their important assets,” she said. Bankruptcy lawyers say some people who are serious about putting their lives in order often can get a home loan two to three years after coming out of bankruptcy. Even credit cards are offered, though they carry interest rates that people should shun. Experts agree that bankruptcy does not ruin your life, but they emphasize that…
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