A bankruptcy proof of claim is a creditors evidence to collect on a debt. If they win in court, your credit score takes a serious hit. Dealing w/bankruptcy is stressful, but luckily you can start quickly rebuilding your credit. The easiest way? Teaming up with a reputable credit repair company like Credit Glory.
What does proof of claim mean in bankruptcy?
A proof of claim is a form (usually filled out by the creditor) to collect a debt during bankruptcy. It contains important information like the nature of the debt & how much you owe. Although you can object to a proof of claim, if you lose, the bankruptcy goes on your credit report. Not good!
That's because bankruptcies do long-lasting damage to your credit. Not only do they stay on for up to 10 years — they tank it by over 100 points! Poor credit makes it difficult to qualify for loans & low-interest rates. Luckily, you can start rebuilding your credit after a bankruptcy w/help from a pro like Credit Glory.
Should you fill out a bankruptcy proof of claim form?
While most of the time, creditors file a bankruptcy proof of claim form, they don't always do it. In that case, it may benefit you to file it for them. In some instances, by filing on behalf of the creditor, you can pay off remaining debts or protect your property from being seized. This can help in the short term, but you need to work on your credit for a better financial future.
How to rebuild your credit after bankruptcy (& boost your score)
While bankruptcy can discharge debts, it seriously hurts your credit score. Luckily there are ways to minimize the impact of bankruptcy and start repairing your credit.
- Monitor your credit - Keeping an eye on your credit is an essential step in rebuilding it. It helps you track any progress you make as well as helps you quickly identify any errors and inaccuracies.
- Verify information - According to the FTC, 20% of the population has at least one error on their credit report. Inaccurate negative marks hurt your score. That's why it's important to verify info on your report.
- Check your credit report for errors - Before you can dispute an error, you have to find it first. You can find common errors in personal info, account status, and balance & data mistakes.
- Dispute inaccuracies - Once you have found errors, you can dispute them. This means gathering evidence, writing a dispute letter to all 3 credit bureaus, & waiting.
Bottom line (& why it matters for you)
Bankruptcies have a long-lasting effect on your credit. Luckily, you have options. You can check your credit report for errors and dispute them yourself — but this is hard (& time-consuming). The easiest way to dispute errors (& boost your score)? Working with a credit repair expert (like Credit Glory).
Start fixing your credit (& boost your score) with help from Credit Glory
Disputing negative items on your credit report is hard work! It takes a lot of time, effort, organization, and follow up. The good news? Our team of credit repair professionals is here to simplify everything! Let your dedicated credit repair expert relieve you of the stress, hassle, and time needed to fight your inaccuracies and boost your credit score (FAST!)Credit Glory is a credit repair company that empowers consumers with the opportunity and knowledge to reach their financial dreams in 2021 and beyond.
Call us at (855) 938-3044 or set up a consultation to get started, today!
Get Your Bankruptcy Removed Professionally
In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. It's so much less stress, hassle, and time to let professionals identify the reasons for your score drop.
If you're looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on (833) 766-4803 or setup a consultation with them. They also happen to have incredible customer service.
Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.