How to Recover Financially from Identity Theft

How to Recover Financially from Identity Theft - Tom Bible Law

Identity theft can happen to anyone without people realizing it. The worst part is trying to figure out how this happened. Many of the financial damages caused by identity theft can be catastrophic and leave people struggling to recover. For those with low income to begin with, financial recovery may not be possible, and bankruptcy can soon follow. Feel free to ask a Tullahoma bankruptcy lawyer for help if this happened to you.


Spotting red flags of identity theft is vital for protecting yourself from theft in the future. The warning signs may differ depending on the type of identity theft you experienced and the methods they used against you. One of the most common signs of identity theft is unexpected financial changes.

This could be money spent on things you know you did not purchase. Strange names popping up on your bank statements could indicate this. You may also receive calls about loans or debt collection that you are not involved in. Denied loan applications are another common sign.

There are also different types of identity theft. Medical identity theft will show itself with unexpected medical bills. Tax identity theft involves someone using your Social Security number. This tends to show up with tax returns you did not personally file. Lastly, unemployment identity theft involves someone using your identity for unemployment benefits.

Knowing about all these signs of identity theft is vital for protecting your finances. There are several steps you can take when you suspect identity theft has happened to you. Recovery might be a long and stressful process but is not impossible with the right tools and steps.


Acting as fast as you can is the most important first step to recovery from identity theft. When it comes to identity theft recovery, the best thing you can do to protect your finances is call your bank to freeze your account. Do this with any other company where you suspect identity theft.

Next, explain what happened and why you have suspicions of identity theft. The company might have tools to help you or might be able to point you to helpful resources. Many credit bureaus have fraud alert steps that can help. Changing your passwords on your accounts is also a good idea and might slow down the person who stole your identity.

You can also visit, a website dedicated to helping people recover from identity theft. Here you will be able to report identity theft and be taken through steps for your financial recovery. Professionals will be able to guide you in the right direction.


Slipping into bankruptcy can be a terrifying experience to go through. You may not have to face this alone. Call us at Tom Bible Law today at (423) 690-7712 to see what financial options you might have. Our legal team of Tennessee bankruptcy attorneys can help you find the best options for your unique situation. You can find us in the Tennessee cities of Chattanooga and Tullahoma.