My Article Archive

Bankruptcy often is the last ultimate answer for many debtors who have unbearable debts. With filing for bankruptcy, you'll eliminate your debts immediately and relieve yourself from the harassing calls of your creditors.

Before you even think about bankruptcy, you may have the ability to use your own small business to get out of your situation. Find out how you can build financial capital by getting involved with equity funding. Speak to a financial professional on capital equities for more information.

Although bankruptcy can remain on your credit report for 7-10 years, you can improve your credit even before those negative records expire. Here are five easy steps you can take to restore your credit.

Step 1: Get to know your existing credit status

The very first step to rebuilding your credit is to look at exactly where you stand. Order all your three credit reports from those three national credit bureaus: Trans Union, Equifax, and Experian.

Print each and every report and review it closely. Try to understand the details listed within your credit reports and highlight any unfavorable records or inaccuracies that are damaging your credit score.

Step 2: Check the expiration dates

By law, your bad credit record will remain within your credit report for 7 to 10 years, but the precise expiry date may be different among these three reports.

Look up the exact date of each of the bad records including judgments, liens, charge-offs, late payments, bankruptcy filings, and collection records. You'll likely see a major improvement in your credit score when those records expire.

Step 3: Get Corrections On Any Inaccurate Records

When you find inaccurate records, fraudulent accounts, or records that should have expired on your credit reports, you have the right to send a separate dispute notice to each of the credit bureaus to correct your Equifax, Experian, and Trans Union information.

The credit reporting agencies will complete a 30 day investigation to see whether or not your requests are valid and if so, they will correct the inaccuracy in your credit report.

Step 4: Start to create good credits

Given that there is no way to remove your bad record from your credit report, the best way to strengthen your credit score would be to add excellent credits and building up your credit from there. You can easily do this by opening up a new credit card from banks like Orchard Bank (Orchard bank has a charge card plan designed specially to help men and women rebuild their credit immediately after bankruptcy).

Use this brand new credit card responsibly and make the monthly payment timely; with this you are building new history of good credit behavior on your credit report. Over time, you might want to open additional credit card accounts or obtain a loan to boost your credit score even higher.

Step 5: Keep an eye on your progress

Subscribe to a charge card monitoring program or get a credit card monitoring software and use it to track your credit score progress closely. Your credit score should improve steadily as you continue to use credit sensibly and add new positive information to your credit reports.

Summary

Bankruptcy does not require to chain you to bad credit history for the next seven to ten years. You need to be proactive in order to recover and rebuild your credit.

A Quick Look At Corporate Bankruptcy & What To Expect
One of the most difficult decisions that you can face is whether or not to file for bankruptcy. For individuals, there are two types of personal bankruptcy, which includes Chapter 7 and Chapter 13.

Personal Bankruptcy 101: A Number Of Factors Pertaining To Financial Distress
Bankruptcy is the term that can raise the goose bumps of almost every individual who hears it and even a nervous breakdown for those who confront it.

Is Bankruptcy The Actual Solution To Your Personal Woes?
Personal bankruptcy generally is considered the debt management option of last resort simply because the results are long lasting and far reaching.

Eliminate Your Credit Debt Faster & Save Funds Without Declaring Bankruptcy!
The most important lesson I learned about getting out of debt is that you'll never get out of debt playing by the rules of your creditors. No matter what they say, they really don't want you to get out of debt.

Would You Have To Pay Off Your Financial Debt Anyway?
The most widely held misconception about bankruptcy is that it's the debtor's version of the "get out of jail free" card in Monopoly.

Bankruptcy Alternatives: Where Could You Get The Funds To Repay The Debt?
Even with the new bankruptcy laws, credit card debt continues to climb. Unfortunately for most of us, our paychecks don't climb as quickly.

High Tech Acquisitions - Is This A Good Idea Or A Bad Idea?
I was reading recently about the proposed merger between Storage Tek and Sun. Two major technology corporations, one making a comeback from bankruptcy and the other mired in a long slump, with several years of negative predictions about their business prospects.