Lewis & Monroe, PLLC
Free One-Hour In-Office ConsultationsFree One-Hour In-Office Consultations
407-917-4147

How to rebuild credit after a successful bankruptcy

One of the top concerns of individuals who are filing for bankruptcy is the damage that will be done to their credit score. Truth be told, bankruptcy does create a negative impact on one’s credit ranking. However, the damage that is done is far from permanent, and with the right mix of dedication and effort, Florida consumers can rebuild their credit quickly once their bankruptcy is discharged.

The first step involves gathering the proper information needed to begin the process. This includes getting a copy of all three credit reports from the major reporting bureaus. Once that information is at hand, it becomes possible to check for any inaccuracies. If there is information on the reports that is outdated or inaccurate, ask for those issues to be corrected by the proper credit bureau.

The next step is the creation of a working budget for the coming months and even years. Creating a budget entails gathering data on one’s income, assets and debts. This is known as a balance sheet, and is the base of building a solid budget. Having a budget in place allows consumers to know just how much money they have on hand to dedicate to rebuilding their credit.

Those funds should be set aside and used to pay down any balances that are incurred on new lines of credit. By ensuring that there are funds available to make timely payment, it is easier to establish a history of the responsible use of credit after one's bankruptcy is discharged. Before long, Florida consumers will be on their way to stronger credit scores and a brighter financial future.

Source: USA Today, "Personal Finance: Re-establish credit after bankruptcy", Robert Powell, July 3, 2014

No Comments

Leave a comment
Comment Information
ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
Email Us For a Response

Contact The Firm In Orlando, Florida

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Lewis & Monroe, PLLC

651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Map & Directions