Bankruptcy can certainly affect a credit report and if you are interested in accessing new financial products it may be difficult for you to secure a loan while you still have bankruptcy on a credit report. It doesn’t mean that you won’t be able to ever rebuild your financial profile but it does certainly helped to erase a bankruptcy from your credit report. Here are some of the strategies you can use to get a bankruptcy off your credit report.
Rebuild Your Credit with Improved Financial Habits
As soon as you finish repaying off your debts work at getting your financial habits back on track. Don’t face future financial hardships and practice good budgeting skills of that you can manage your money effectively. Track of your spending and work at using money management so that you can continuously repay your debts and never get into a situation where you are facing an unmanageable debt.
Check for Signs of Inaccuracy
If you recognize the signs of inaccuracy on any credit report it’s very important that you submit appropriate changes immediately. File a dispute with up to three credit bureaus and provide submitted documents for approval of a dispute. This could remove bankruptcy from your credit report.
Start Paying off Debts as Quickly as Possible
Your credit score can skyrocket when you start paying off some of your debts. Repaying your debts over the course of 3 to 5 years and then keeping up on all debts will help to improve your credit score over time.
Ultimately bankruptcy stays on your credit report for up to seven years(ch13) to ten years(ch7) but it is possible to remove a bankruptcy claim if you are in good standing with creditors. Contacting a bankruptcy attorney and having an advocate for you can be a great way that you can work at getting bankruptcy off of your credit report early.