New York Bankruptcy Attorneys

Life After Bankruptcy

The number one concern people have when filing for bankruptcy is, “How will a bankruptcy affect my life?”  Many people are surprised to learn that filing for bankruptcy will not be as detrimental to their lives as they may think.  It’s true that having a bankruptcy on your credit report will drastically lower your credit score, but it does not mean that you will never be able to obtain credit again.  In fact, many people are able to obtain some type of credit within a year or two. 

While it may take time to rebuild your credit score, there are several things you can do to obtain credit, even within in a few months or a year after filing for bankruptcy.  Some simple steps you can take to obtain credit and rebuild your credit score are:

• Make all payments for your current bills on time and in full. This includes mortgage payments, car payments, utilities payments, etc.
• Apply for a secured credit card with a low balance
• Use your credit card wisely.  Do not overspend. Only charge what you can afford to pay off each month
• Create a budget and stick with it!  This will help you control your spending habits and reduce your chances of building up more debt
• Put aside a set amount of money each month for savings.  Having a safety is not only financially smart, but it will protect you from going into debt in the event of a medical emergency, unexpected job loss, etc.
• Keep track of your credit report to ensure you are staying on track with your spending. Furthermore, many times a credit report will have errors, which can affect your credit rating.  By monitoring your credit report on a regular basis, you can check for these errors to ensure they don’t affect your credit score.

Contact a New York Bankruptcy Lawyer

Although filing for bankruptcy can seem intimidating at first, your life will be much better afterwards.    After filing for bankruptcy, you will no longer be subjected to wage garnishments, creditor harassment, or the overwhelming stress, worry, and frustration of having debt beyond your control.  You will have a fresh start financially, and be able to build a new life based on responsible spending and smart money management.

To learn how we can help, contact a New York bankruptcy attorney at Jacoby & Jacoby today!