You Can Start Over After Bankruptcy

You may worry that a bankruptcy filing is a permanent mark on your credit report. While it is true that bankruptcy will show up on your credit history, it does not mean you will be prevented from owning a car or home or even having credit cards again. In the meantime, filing for bankruptcy does erase credit card debt and lets you start fresh.

Helping You Start Again

At Wolk Law Office, our first focus is to help you get through bankruptcy. We then work with you to ensure you are on good footing to start again. One of the most important things you need after filing is actually not money, but information. Once you understand how to manage and save money you can prepare for a better future.

Cleaning up your credit report is a good place to start. A credit report basically shows you the amount of credit you have compared to the amount of debt you have. There are definite ways to improve your rating.

The Eight Steps To Clean Up Your Credit Report

  1. You can re-establish your credit rating with a secured credit card. A good place to start is a credit union. Look into getting a secured line of credit that is reported. This will help you re-establish your credit.
  2. If you have student loans make sure they are consolidated. It may appear that you have 18 loans when you can bundle them into one. For example, all federal loans by the U.S. Department of Education can be consolidated into one.
  3. Get rid of small creditor claims. Smaller creditors will report a debt that is not owed under the guise of the Fair Credit Reporting Act. Whether clear them yourself or work with a bankruptcy attorney to dispute unfair or false claims and to get the small claims paid off.
  4. Seek to get payoffs from major lenders. Even after bankruptcy you may be able to get a payoff. An experienced bankruptcy attorney can help you do this.
  5. People will try to clean up credit by sending letters to creditor. You need to send any correspondence to the credit reporting agency. You can copy these letters to your creditor.

  6. Don't pay high interest rates just because you've filed. An experienced bankruptcy attorney advises you on how to get lower rates than 18-24 percent.
  7. Stay away from payday loans. Short-term, high interest rate loans offer no protection for you, the consumer.
  8. Take the credit counseling course that is offered as part of your bankruptcy. These classes teach you how to manage money. Part of fresh start is a new attitude about money as well as a new way of doing business.

For answers to all of your bankruptcy, foreclosure and zombie debt questions, call Wolk Law Office today. Speak with a lawyer about how we can help you. Call 920-385-5621. After hours you can email us and we will get in touch with you. We serve people in Oshkosh, Wisconsin, and throughout Winnebago County.