One of the most common myths about bankruptcy is that filing will permanently destroy your credit rating. This fear a major reason why many people who could benefit from bankruptcy do not file. It is important to remember that there is no such thing as a “permanent credit score.” Your credit rating after bankruptcy can improve if your financial situation remains stable. How Can You Improve Your Credit Rating After Bankruptcy? There are multiple ways you can improve your credit score after your debts are discharged in bankruptcy. However, the most important factor is ensuring your financial situation reflects stability. Pay all bills on time: Depending on your situation, you may have property that is exempt from your bankruptcy estate, or saved through other mechanisms. Continue to make timely payments on these assets after filing. Make timely payments on rent, utilities and other bills. It is important to maintain steady…
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