After a bankruptcy, many people fear that their credit will never recover. While it is true that bankruptcies do deal a harsh blow to your credit score, this harm does not last forever, and you can begin rebuilding your credit immediately.
If you are considering a bankruptcy and have put it off because of the potential damage to your credit score, you should seek quality legal counsel by an attorney who understands the nuances of bankruptcy. If the potential benefits of a bankruptcy are significant enough, an experienced attorney can help you understand the advantages and guide your through the process.
Once you complete your bankruptcy, the damage to your credit will remain on your record for up to 10 years. However, you can begin rebuilding right away, and should. One of the first things you can do is create a budget and get used to making a budget work from month to month. The more consistency you can demonstrate and the longer you pay your bills and any new debts on time, the more attractive your become to lenders.
You can also consult your credit reports and attempt to weed out any false information that may be damaging your report. While there may be plenty of information that belongs on your report and doesn't look good for you, not all of it may be accurate. You can use this time to make sure that your credit report is as accurate as possible.
Do not wait to consult with proper help at any stage in the bankruptcy process. The good news is that a bankruptcy can truly give you a fresh start. With proper planning and slow, steady progress, you can rebuild your credit and rebuild your life, keeping your rights secure along the way.