Law Office of Allan E. Dunaway, PLC

The benefits of getting out from under bad credit

Good credit is becoming more and more important in Kentucky for a variety of reasons. It's certainly essential when borrowing money or financing a purchase. Not only can credit help one qualify for a better rate, but it often determines approval or disapproval. Landlords regularly check credit standing, prospective employers may ask and even utility companies now want to find out a potential customer's bill-paying history. Repairing bad credit makes sense, and the sooner the better.

As financial experts caution, there is no such thing as a quick fix for bad credit. While negative information can appear seemingly instantaneously on a credit report, removal takes time. How long particular negative items remain on a credit report is based on the three credit bureaus' criteria. There are some things that can be done immediately to right the ship and begin the lengthy process of credit restoration.

It may seem obvious, but the first order of business is to stay current, don't overspend and whittle away at outstanding balances. Next, it's a good idea to request a report from each of the credit bureaus. If mistakes are found on a report, it's possible to formally point them out in writing. As for debt payments, consider paying twice or more per month. This allows for every spare dollar to pay down the balance and also saves on interest charges. Depending on the circumstances, it may be time to consider negotiating a reduction in balance with the credit card companies that hold the debt.

Credit card debt can be a stranglehold that seems impossible to get free of. However, bankruptcy can provide a viable solution. A bankruptcy lawyer can explain the procedure and types of debt forgiveness available.

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For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

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Louisville, KY 40222

Phone: 502-785-1005
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