Life After Bankruptcy

       Morning Over                 There is no "B" branded on your forehead!
       Jekyll Island!

As you may know, the fact that you filed bankruptcy is on your credit report for ten years.  That is the bad news, the good news is that it doesn't matter; your scores will improve almost immediately.  One of the worst facts on your report are any 90 day lates and because of the bankruptcy you don't have any more 90 day lates and if you do, you should challenge the report and have them removed. 

It's not that you filed bankruptcy, it is what you do after you have filed.  The on time payments to your new and ongoing obligations are now what is important.

To improve your scores:
 - If you have secured debt which you kept, make sure you keep the payments going forward
   current, no more lates; if you have no secured debt, pay your rent on time.
 - Keep a balance in your checking account.  It is a good idea to set aside money in a bank for
   emergencies and the larger the balance the better.  If you have a 401(k) 
   [retirement account] available through work, take advantage of the plan as it is one of the
   best dollars you can save because it may not be currently taxed and grows faster. 
   This works even if you only save 1% of you pay; do the numbers protracted over time, you
   will be supprised.
 - Approximately, nine months after your discharge go to www.annualcreditreport.com and pull
   your credit report.  It is free, you are allowed an annual report from each of the three
   agencies.  You should dispute anything and everything that is not absolutely true and
   accurate.

Remember it is what you do after bankruptcy that is important.

Law Office of Wm. E. Campbel
The Edison
85 Exchange St., Suite 201
Lynn, MA 01901
781 599 9400
781 498 2779 [fax]
campbell@BankruptcyLawyerMA.com

Experience you can trust