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Rebuilding Credit After BankruptcyWhile filing for bankruptcy is not an ideal option for most consumers, it can sometimes be the most financially sound decision a debtor can make.  One of the biggest concerns is that filing for bankruptcy can have a negative effect on an individual’s credit score, and while that is true (a bankruptcy will stay on a credit report for up to ten years), there are some things a person can do to start rebuilding their credit after filing for bankruptcy.

It is a common known fact that the only way to truly build up credit is to actually use credit, and while this can be counterproductive for someone that has recently filed for bankruptcy, it is an essential process for anyone attempting to rebuild his or her credit.  When a bankruptcy occurs there are some debts that cannot be taken care of, a petitioner can then use the payments to these particular debts to help jump start the process of credit rebuilding.

Additionally, a consumer should always continuously review their credit report.  Since legally each of the reporting bureaus must provide individuals with a free credit report annually, it is rather easy to keep track of the status of their credit score.  Furthermore, keeping track of their credit score well help debtors ensure that the accurate information is being reported to the holders of their debt.

There are many more things a person can do to rebuild their credit.  However, one of the most important things is to ensure that they have a great legal team helping them.  Hence why the importance of a Fort Lauderdale bankruptcy attorney is very relevant.  It is vital to ensure that the bankruptcy process runs as smoothly as possible.  Similarly, foreclosure defense Fort Lauderdale is vital to ensure your financial and legal rights are defended.