Question by emmmay61: Bankruptcy and fixing credit?
I filed Bankruptcy (Chapter 7) in 2002 – after a divorce. I then had to file Bankruptcy (Chapter 13) in 2007 because of a foreclosure on my home. I’m one month from finishing the Chapter 13. Is my credit screwed for the rest of my life? What can I do to begin to increase my credit score.
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Best answer:
Answer by breasia
I should think that you have learned a thing or two from these bancruptcies.
This is what I would do to come back on my credit:
1. Do not take on any obligations that you are not totally comfortable paying off. Perhaps it would be best to not take on ANY new obligations-period- for the time being.
2. Pay all small bills, such as utilities, the moment you get them.
3. Cut up all credit cards, if you have any.
Good luck.
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Not your entire life, unless you plan on living for only 10 more years.
Bankrupsy means that you didn’t have money to clear your debts, and had to forclose without payment. Legally this means that for the next 10 years you are not entitled to any credit whatsoever (that’s what bankrupsy is).However, once the 10 years are up you can start rebuilding your credit score
?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-free.totalh.com
It will be 10 years from when you filed your chapter 13 until your credit is completely clear. That’s 7 years from now. There are several things you can do to get started on the right path.
First and foremost, pay all your bills every month and on time. NO EXCEPTIONS!!! If/when/as you have credit cards, pay them off every month. If you can’t, then pay what you are comfortably can and never less than the minimum. You are going to be better off paying them off, but if that’s going to cause issues the next month, then at least pay the minimum and then start making plans to pay them off. DO NOT PUT THIS OFF!!
Also, get a copy of your credit reports at http://www.annualcreditreport.com and examine them for inaccuracies and dispute them. All of them.