One of the biggest concerns that many people have when they are thinking about bankruptcy is how they will rebuild their credit afterward. The truth of the matter is, your credit is going to take a hit but that doesn’t mean it is doomed forever. It will take some work to get your credit score to climb but this can usually happen in just a couple of years after the bankruptcy is complete. Recent studies have shown that many people are eligible for a mortgage just three years after filing for bankruptcy.
The most important thing that you can do after just completing the bankruptcy process is to get a new credit card. This card should serve the purpose of solely rebuilding credit. The card should only have small charges on it, such as the cost of gas or something else that you know you will be able to pay in full and on time at the end of the month. In full and on time are the two most important takeaways of rebuilding credit. If you follow those guidelines, rebuilding credit should be easy and you should be on your way to a future of financial success.
If you are considering bankruptcy in New Jersey, contact our firm today to discuss your options.
If you are in need of experienced legal counsel for matters of personal injury, medical malpractice, medical device injuries, unsafe drug injuries, consumer protection, bankruptcy, SSD, or criminal law in New Jersey, please contact Tomes & Hanratty, P.C. and we will be happy to assist you.