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The road to bankruptcy recovery

Individuals in Florida filing for bankruptcy may feel alone. However, records from the American Bankruptcy Institute indicate that the number of consumer bankruptcy filings in July were more than 87,000. Even knowing that it's not uncommon does not make the process any less stressful, and it's important to know what to do to keep it from happening again.

Consumers trying to recover from bankruptcy are advised to take the time to create realistic goals to work toward. This can include making sure that the information included in credit scores is accurate. It's not unusual for credit reports to contain inaccurate information that pulls down the overall score. It's also important to find new credit card issuers and slowly begin rebuilding a credit history by paying off about two credit cards in full each month. Lenders with predatory intentions often target consumers who are financially vulnerable due to bankruptcy; it's probably best to avoid offers for payday loans and rent-to-own offers with high interest rates.

As consumers file for bankruptcy, they may feel like outcasts. There are online support groups that can offer support and advice on the best ways for a successful recovery. It's also important to keep a positive outlook. A bankruptcy may stay on a credit report for up to ten years, but there are lenders that are willing to offer a second chance to a consumer recovering from bankruptcy.

Consumers who are considering a bankruptcy filing may find it useful to consult a bankruptcy attorney. It's not possible to instantly improve a credit score, but an attorney could offer options. They could help to find creditors who are willing to work with consumers with lower credit scores, or they may be able to take the proper steps to remove inaccurate information from the consumer's credit file.

Source: U.S.News & World Report LP, "A Roadmap Out of Bankruptcy", Kimberly Palmer, August 27, 2013

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