When an individual is considering filing for bankruptcy in New Jersey, one of the major concerns that they have is in regards to what will happen to their credit afterward. Of course, this is a completely valid concern but the truth is, bankruptcy is really not a lifelong sentence for bad credit. Yes, a bankruptcy will remain on an individual’s credit report for several years but this does not mean that they can’t build up their credit score again.
There are a number of different ways that an individual can build up their credit score after bankruptcy. Once the bankruptcy proceedings are complete, the individual should get a new credit card as soon as possible. It is incredibly important to make sure the credit card is handled responsibly after a bankruptcy. The individual should be sure to only put small payments, such as gas or groceries, on it and make sure it is paid in full and on time each month. If these credit cards bills are paid fully each month, the individual will be able to build up their credit relatively quickly.
If you are struggling financially and are thinking about bankruptcy, contact our firm today to discuss your options.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.