One of the most frequently mentioned fears that individuals have about filing for bankruptcy is in regards to their credit. There is a common misconception that individuals who file for bankruptcy can’t ever have good credit again. This is simply not the case. Sure, bankruptcy will stay on an individual’s credit report for a few years but that doesn’t mean that during that time, they can’t work on building their credit. The truth of the matter is, if bills weren’t being paid and there was a lot of debt, their credit score probably wasn’t very high to begin with.
In order for an individual to build up their credit after filing for bankruptcy, they should get a credit card as soon as they can. The key to rebuilding credit is to only use the card for items that the individual knows they can repay. Usually, it is just for something small, such as gas for a car or some sort of subscription. If a credit card bill is paid in full and on time each month, the individual’s credit will rise in no time. In fact, many people are able to apply for a mortgage just 3 years after completing a bankruptcy.
If you are considering your bankruptcy options but have concerns, contact our firm today for quality legal guidance.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.