Tag: About Bankruptcy

Credit Repair after Bankruptcy

Your bankruptcy will be noted on your Credit Report as an R9 and remain there for 6 years after you are discharged.  A propsal will be noted on your credit report as R9 during the proposal, and remains on the report as R7 for 3 years after the proposal is complete.  Do not be discouraged because once you are able to pay your bills and expenses, you can begin to repair your credit rating.  Credit repair takes time, patience and discipline.  You can begin to repair your credit rating right away, by ensuring that ongoing bills, like your cellphone, are paid on time. Once your bankruptcy or proposal are complete, you can be more proactive in your credit repair.

Here are two useful tips to help you get started:

1. Get a secured credit card, and use it. The trick is to use it just a little, and always pay in full at the end of the month. This takes discipline, but you should keep in mind you are using the card not to buy things, but for the purpose of rebuilding your credit.

2. Order a copy of your credit report once a year (free by mail) to keep track of the information in your credit report.  This will give you a better understanding of your credit situationand allow you to catch and fix any mistakes.  Your credit report is available immediately online for a fee, and your credit score is available online as well.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.