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The right approach to filing for bankruptcy and rebuilding credit

Financial challenges are often cited as the biggest reasons why Tennessee residents decide to consider filing for bankruptcy. A concern that many have, however, is how the process will negatively affect their credit and what they can do after the bankruptcy is completed to rebuild their credit. Fortunately, there are ways to get back on stronger financial ground through bankruptcy and to rebuild credit. Having legal assistance is essential to this process.

Credit scores are used when seeking a mortgage, trying to buy an automobile, even when trying to get an apartment or a job. Although bankruptcy will impact credit scores in the immediate aftermath of the legal case, a person who has received a discharge of their debts with bankruptcy can act quickly in rebuilding credit. There are various steps a person can take when they are trying to get their credit back in good shape.

Having a savings account is vital. There are many credit cards that are specifically designed for people who are just getting their credit back in order. Often, these are secured, but that can be beneficial to the consumer. Keeping track of the credit score can spot problems and make certain that it is improving. Having a budget can avoid the same issues that led to the financial struggles in the first place. And living within one's means is a strategy to keep the finances in line and get credit again.

Taking the first step in filing for bankruptcy - whether it is Chapter 7, Chapter 13 or any other form of the process - is the most difficult part. Once the discharge is granted and the debts are no longer a daily concern, the next move is to get credit again. Having legal assistance and advice to have a successful bankruptcy and in rebuilding credit is imperative.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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