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Is It Really Possible to Delete a Bankruptcy?
- By Don Tate
- Published 02/21/2009
- Advice on Finance
- Unrated
Don Tate
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View all articles by Don TateIs It Really Possible to Delete a Bankruptcy?
"There is a bankruptcy on my credit report so my credit rating is terrible. What can I do about it? I've seen some credit repair companies who say that a bankruptcy can be removed from a credit file. Is there really some way I can get my good credit back?"
more people everyday are asking questions like these. Poor credit scores affect millions of people in this country and in an economic climate where even people with average credit ratings are having a rough time getting loans, those with less than desirable credit are finding themselves being left out of the credit game entirely. Naturally, they begin inquiring about what they can do other than standing idly by for years waiting for the negative items in their credit reports to age and eventually disappear.
The answers people get when asking these questions are typically disheartening. The majority of the time, they are simply told that they will have to wait 7 years for most negative listings and 10 years or more for a bankruptcy. And as if that wasn't enough, the people answering these questions also tend to throw in unnecessary jabs like, "that's what you get for being careless" or "you should have thought of that before you acted irresponsibly".
This is sad because what most people don't realize is that so many people with bad credit don't deserve it. They are merely a victim of circumstance and in many cases, a circumstance that is practically unavoidable.
The single largest cause cause of bankruptcy in America is fallout from a medical emergency or illness and while you can argue that a good insurance provider and preventative care will keep these situations from ruining a person financially, that is not always the case. Complications from unforeseen gaps in insurance coverage and billing errors can end up making you have to pay much more out of pocket than expected. When coupled with the loss of wages or sometimes loss of job that can go along with an illness or injury, these expenses can lead even the most responsible people down the road to bankruptcy.
Fortunately, even if you have no choice but to declare bankruptcy, not all hope is lost. Despite what most people think, it is possible to dispute and permanently remove any type of item from a credit report, including a bankruptcy. The law gives consumers the right to dispute any item on their credit reports that is inaccurate or misleading. The law gives people who are being unfairly labeled as a a credit risk the opportunity to work to repair their credit score.
This process of working to remove questionable negative items from credit reports has become known as credit repair. Whether through their own credit repair efforts or with the help of a reputable credit repair company, hundreds of thousands of people have been able to legally and permanently delete negative items from their credit reports including late payments, charge offs, collections accounts and bankruptcies.
more people everyday are asking questions like these. Poor credit scores affect millions of people in this country and in an economic climate where even people with average credit ratings are having a rough time getting loans, those with less than desirable credit are finding themselves being left out of the credit game entirely. Naturally, they begin inquiring about what they can do other than standing idly by for years waiting for the negative items in their credit reports to age and eventually disappear.
The answers people get when asking these questions are typically disheartening. The majority of the time, they are simply told that they will have to wait 7 years for most negative listings and 10 years or more for a bankruptcy. And as if that wasn't enough, the people answering these questions also tend to throw in unnecessary jabs like, "that's what you get for being careless" or "you should have thought of that before you acted irresponsibly".
This is sad because what most people don't realize is that so many people with bad credit don't deserve it. They are merely a victim of circumstance and in many cases, a circumstance that is practically unavoidable.
The single largest cause cause of bankruptcy in America is fallout from a medical emergency or illness and while you can argue that a good insurance provider and preventative care will keep these situations from ruining a person financially, that is not always the case. Complications from unforeseen gaps in insurance coverage and billing errors can end up making you have to pay much more out of pocket than expected. When coupled with the loss of wages or sometimes loss of job that can go along with an illness or injury, these expenses can lead even the most responsible people down the road to bankruptcy.
Fortunately, even if you have no choice but to declare bankruptcy, not all hope is lost. Despite what most people think, it is possible to dispute and permanently remove any type of item from a credit report, including a bankruptcy. The law gives consumers the right to dispute any item on their credit reports that is inaccurate or misleading. The law gives people who are being unfairly labeled as a a credit risk the opportunity to work to repair their credit score.
This process of working to remove questionable negative items from credit reports has become known as credit repair. Whether through their own credit repair efforts or with the help of a reputable credit repair company, hundreds of thousands of people have been able to legally and permanently delete negative items from their credit reports including late payments, charge offs, collections accounts and bankruptcies.