Life After Ohio Bankruptcy

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Life After Bankruptcy Life after an Ohio Bankruptcy - A list of things you should know

RoadNot A Death Sentence

  • Plenty of lenders loan money to people who’ve had a bankruptcy.
  • You can’t get bankruptcy protection for a period determined by law, usually eight years, sometimes four.
  • That means the risk of your seeking protection under the bankruptcy laws is eliminated, and you’re a safer bet.

Avoid The Old Traps

  • In any case, it’s best to avoid new debt, especially the unhealthy kind–credit cards, payday loans & other types of unsecured, high interest loans.
  • Secured, debit or prepaid cards help newly liberated debtors to avoid the old traps but still participate in the credit economy without re-obligating themselves.
  • Secured cards, in particular, are a great way to “have credit” for the purposes where credit is necessary, such as renting a car, without tempting oneself with a high-available credit limit, high interest credit card that can lead consumers back into trouble.
  • Have charge-plate, will travel!

Sometimes It Takes Persistence

  • Credit reports can show entries for bankruptcy filings for as long as ten years, but credit reports don’t determine whether or not someone will lend.
  • Some lenders loan regardless of whether a person has had a bankruptcy, some wait for a particular-to-them span of time before considering a loan, while some avoid lending to those with bankruptcies on their records completely.
  • Just like with any other goal, re-establishing credit requires persistence, research and patience.
  • Shop around, chin up.

Don’t Pay A Dime For A Credit Report Or Stupid Services

  • Federal law entitles every American to get a free credit report from each credit bureau once per year, or a copy of a credit report that has negative information on it, when that report was used to deny the applicant credit.
  • In either case, you should ask–or demand, if necessary–a copy of your credit report so you can make sure former creditors are reporting old pre-bankruptcy debts as discharged and new creditors, if any, are minding their manners by reporting your relationship with them accurately.

Put Up Your Dukes

  • The three credit reporting bureaus (Equifax, Experian and TRW) are famous for two things: sloppiness and hostility to consumer debtors.
  • When you spot an error, and you may well spot an error–some studies show as many as a quarter of credit reporting entries are in some substantial way flawed–make sure to contact the reporting agency in writing, submitting copies of any documents you have to prove support your position.
  • You will need to follow their procedures for challenges exactly, as they will use any deviation from their preferences as an excuse to ignore you.
  • Once you get past their dotted-i and crossed-t gatekeepers, the bureaus must investigate your allegation that their reporting is in error.
  • If they contact the creditor, and the creditor affirms the debt is correct as reported, you may have to sue to have the error corrected.

Monthly Affirmations

  • Many Ohio debtors in Chapter 7 cases “reaffirm” secured debts tied to real estate or automobiles.
  • Depending on how such reaffirmed debts are reported to the credit bureaus following the bankruptcy, they often help former debtors establish creditworthiness very quickly.
Federal Trade Commission

(877) 382-4357

Equifax
Box 740241
Atlanta, GA 30374-0241

(800) 685-1111

Trans Union Corp.
760 W. Sproul Rd.
Springfield, PA 19064-0390

(800) 888-4213

Experian
P.O. Box 2104
Allen, TX 75013-0949

(888) 397-3742

Remember, Consider hiring the best Ohio Bankruptcy Attorney available to help you before you file bankruptcy.

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