Rebuilding Your Credit

Rebuilding your credit must begin with selecting the best way to get out of debt. If you attempt to go the route of debt consolidation or try to dig your way out by making slightly larger-than-minimum payments, you may make a little progress at chipping away at your bills. However, you are not likely to see your credit rating go up much, for the simple fact that your total debt load will remain excessive.

Bankruptcy May Actually Be Your Best Route To A Revitalized Credit Rating

You may have considered bankruptcy but then rejected the idea out of unfounded fears of destroying your credit rating. You may have heard that a bankruptcy will remain on your credit record for 10 years, a nearly permanent black mark. While it is true that someone who investigates your credit record will see evidence of your bankruptcy, nonetheless, you will have a great advantage after a bankruptcy discharge is completed:
You will be out of debt.

Freeing up the money you had been paying your creditors each month can have a positive effect on your credit rating. Ideally, it should enable you to live on less than what you earn and even start saving money. Furthermore, the lack of debt on your record may have consequences that surprise you. You may receive offers to buy a car as well as offers to obtain additional types of credit.

Rebuilding your credit is an important goal to pursue if you have future aspirations including buying real estate, putting children through college and/or starting a business. Bankruptcy is a time-honored, legal path to a fresh start. You can focus on rebuilding credit once you have taken care of the mountain of debt that now stands in your way. Be careful not to use future credit in a way that may again cause you financial problems.

For Personalized Advice On Bankruptcy And Credit Repair, Contact Our Chicago Bankruptcy Attorneys

To schedule a free consultation with a bankruptcy lawyer at any of our convenient Edwin L Feld & Associates, LLC, office locations, contact us toll free at 888-645-4357. You may also contact us by email.