Bankruptcy Will Not Ruin Your Credit. In Fact, It Can Fix It.
One of the greatest fears about bankruptcy is being blackballed by lenders for the next 10 years. This is a myth. The negative impact on your credit rating is short-term. Most people qualify for credit cards and even car loans and mortgages within a few years.
The attorneys of Scura, Mealey, Wigfield & Heyer, LLP, can explain the facts and fiction of bankruptcy and the impact on your credit. We help clients take advantage of this opportunity to get out of debt and rebuild good credit.
With offices in Wayne, Hoboken and Elizabeth, we handle consumer and small business bankruptcy in every county in New Jersey. Contact us today for a free initial consultation.
Rebuilding Your Credit Through Bankruptcy
First of all, your credit rating is pretty well shot already if you are carrying a lot of debt, making only the minimum payments on credit cards, paying bills late or defaulting on loans. When you file for bankruptcy, your credit rating will probably dip a little further and credit will initially be difficult to come by.
However, most people find that their credit rating rebounds rather quickly. Ironically, lenders and credit card companies will see you as a better credit risk after bankruptcy because (a) you have more money and less debt and (b) you are on the hook since you can't declare bankruptcy again for at least several years.
Many people get credit card offers within months of a Chapter 7 bankruptcy discharge or Chapter 13 plan confirmation. Most people can get car loans within one or two years, and home loans soon after that. You can take steps to further improve your credit score after bankruptcy by re-establishing credit (taking out small loans or credit cards with low limits) and by making payments on time.
Learn More About Bankruptcy and Your Credit
Our knowledgeable and compassionate lawyers are glad to address your credit rating concerns and other questions about bankruptcy. Call us at 866-930-2075 or contact us online today for a free initial consultation at one of our locations in Passaic County, Hudson County or Union County, New Jersey.
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