The Law Offices of Neil Crane has been providing care, solutions and guidance on debt since 1983. Call our office or submit a chat form today.
One of the most common questions people have following the bankruptcy process is how they can restore their credit score. Obtaining new credit after bankruptcy can be difficult, but there are steps people can take to begin rebuilding credit for the future.
These steps are outlined in our Steps to Improve Credit Score Following Bankruptcy article
Debt reduction is the answer. An unhealthy debt-to-income ratio is essential to a solid credit score and financial health. Too much debt makes it impossible to obtain good lending rates or a balanced monthly budget.
Read more about How to Enhance your Credit Score
Absolutely, Although bankruptcy is on your credit report for up to 10 years, with proper advice, you can begin to reestablish your credit immediately after your bankruptcy discharge. In fact, it is likely that pre-approved credit cards will arrive within weeks of a bankruptcy filing. We know how to help you improve your credit, get good rates, and avoid future problems.
Consumers can sue creditors who have violated consumer protection and fair debt collection laws. Unlike other attorneys, we are not afraid to file suit against creditors who violate your legal rights.
Read more about How You Can Prevent Debt Collectors from Harassing You
Your credit score, or FICO score, is essentially a calculation used by lenders to determine your eligibility for a loan, how much you can borrow and the corresponding interest rate.
Previously, your credit score was a mysterious, hidden computation that was primarily based on your payment history. Today, the breakdown of your score is a more clear-cut computation based on numerous important factors.
The five different factors used to calculate a score range of 300-850 need to be carefully examined and understood:
In our many years of experience, we’ve found that there are two types of credit consolidators: bad and really bad. These companies are essentially collection agencies for your creditors. They make empty promises to people facing overwhelming debt obligations, often promising to settle their debts for pennies on the dollar. They then collect monthly payments from struggling Connecticut residents who can ill afford to lose them to plans that offer no true solutions, led on by false promises and mirage solutions.
Make sure you fully understand all the steps of any debt consolidation program. They often take too long to avoid lawsuits or a full solution to all your debt problems. Your financial situation may actually grow worse. Amounts go unpaid, and you can end up facing lawsuits by creditors, as well as owing larger amounts than you started with before debt consolidation. If it’s not done right, a credit debt consolidation program can quickly hurt you more than it ever helps you.
“My experience was a very positive one. Dealing with Neil Crane and his staff was the best decision that I could have made. Neil has helped me get back on a solid financial path. My case was a tough one and the Neil Crane Law Firm was the best Law Firm I could have chose.
Thanks for all the help. Now I can put all my bad choices behind me and move forward in my life.”
Mark Linhard
