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Gradually Rebuilding Your Credit After Bankruptcy

Gradually Rebuilding Your Credit After Bankruptcy

If you’re thinking about filing bankruptcy in Ohio, it’s important to consider the impact it will have on your credit score. Even if a filing is the right decision, based on advice from your bankruptcy attorney, you must be prepared to take a significant hit to your credit.

Fortunately, there are steps you can take to rebuild your credit after bankruptcy and eventually achieve an excellent score once again. Here are some tips to help you do so:

  • Maintain good financial habits: Building up your credit score takes time and commitment. Pay all your bills on time and meet any credit obligations by their due date. Remember that missed payments will stay on your credit report for seven years before they disappear. This means you must be consistent throughout that time.
  • Dispute incorrect information in your credit records: Review your credit report and if you see anything that appears incorrect, you can send a dispute form to the credit bureau that listed the incorrect information. Request a return receipt so you have documented proof the bureau got your letter.
  • Develop a budget: Budgeting is a great way to keep your expenses in check and save space for paying off your debts and bills. You should never be spending more than you’re making. If you are, you’ll either need to reduce your expenses or find a way to increase your income.
  • Reduce nonessential expenses: After you’ve created your budget, you will have a better idea of which expenses you can eliminate. The more nonessential expenses you cut out, the more you’ll be able to save.
  • Try to save 5 to 10 percent: If possible, saving even just 5 to 10 percent of what you make each month is a great first step in becoming consistent with your savings practices. If nothing else, it will give you some emergency funds in case a sudden need arises.

Bankruptcy can involve some daunting challenges, but with persistence and consistency, you can overcome them over time. For further guidance and advice, work with a skilled bankruptcy attorney in Dayton at Fox & Associates Co., LPA.

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