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Bankruptcy does not mandate bad credit for years to come

A bankruptcy discharge in Washington state is a great relief to persons who have been struggling with overwhelming unsecured debt pressures for years. The debt is erased, a new start is assured, and the stifling, fear-generating calls from bill collectors are banished. The only drawback that some people fear is the difficulty in getting credit in the future with a bankruptcy on one's credit report.

Chapter 7 is an obstacle that may stay on the credit report for up to 10 years, but the truth is that, in most cases, it does not take that long to shed the item from the report. If the person focuses on the goal of cleaning up his or her record, re-establishing a good payment history, and doing everything on time and according to certain guidelines, success can be achieved within a few short years. The beauty of the credit report and score is that one's record is dynamic; it never stays stagnant. Anything the person can do to show making new strides for financial security is going to go on that record and increase the score going forward.

What are the steps, then, to financial recovery? First, make sure that the debts that are still active after the bankruptcy are paid on time each month. There is great value in continuing to make car loan payments and mortgage payments post bankruptcy. If that is the situation, the individual will find it easier and quicker to get back on track to a decent credit score.

At the same time, one should register for regular access to the three national credit reporting agencies. Check the reports regularly. Always object to inaccurate information and compel the agency to eliminate those harmful entries that may be no longer true or that were never true.

Also, make sure that current, on-time payments are being reported. It is also helpful to take out a secured credit card and to pay faithfully. Don't just pay minimum payments; rather, try to pay in full every month. For those who have a bankruptcy discharge in Washington state, the foregoing procedure will go a long way in restoring one's credit status.

Source:, "How to Rebuild Credit After Bankruptcy--5 Easy Steps", Michael Pruser, Feb. 15, 2018

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