Declaring bankruptcy will not repair or improve your credit score. According to legal experts, credit repair after bankruptcy is possible. Some companies will offer credit immediately after bankruptcy, at very high interest rates, but buying a home or a car may not be possible for several years. Unless a bankruptcy credit repair expert can help. There are a certain number of law firms that specialize in credit repair, for any reason, credit repair after bankruptcy is just one of many.
Bankruptcy is a last resort for those people who are swimming in debt and cannot pay their bills. Bankruptcy credit repair is an option for those people who have declared bankruptcy and would like to begin to reestablish themselves without paying exorbitant interest rates. Bankruptcy may allow them to keep their house and possibly one car payment. But, anything else of value goes.
Credit repair after bankruptcy may allow those who did not previously own a home, obtain a mortgage with a decent interest rate. A recent law requires that all persons who apply for bankruptcy relief have received credit counseling within the previous year. A Consumer Credit Counseling Services (CCCS) is a good place to start when a person is having trouble paying their bills. While credit counseling may prevent bankruptcy; credit repair counseling is not one of the services provided by the non-profit CCCS. The CCCS is allowed to charge a reasonable fee for their services, but the new bankruptcy law requires that if a person cannot afford credit counseling, it will be provided at no charge.
Credit repair after bankruptcy or after any event which damages one's credit rating, is not free. It can be expensive, but if you have a past bankruptcy, credit repair may save you hundreds or even thousands of dollars in interest each year. The experts recommend that before you make any major purchase (whether or not you have a past bankruptcy) credit repair may be beneficial. If you are considering a major purchase, a house or car, obtain a copy of your credit report and learn your credit score. If your score is below 680, then you can benefit from credit report repair services. If you have a past bankruptcy, credit repair may be beneficial.
Some credit repair companies suggest options which are illegal. The only way to be sure that credit repair after bankruptcy or bad credit repair of any kind is legal is to choose a law firm that specializes in credit repair. They are aware of all laws regarding credit repair issues and they can advise you of your legal rights. For more information about bankruptcy credit repair services, visit the Credit Repair Blog at http://badcredit-repair.blogspot.com.