One of the biggest concerns that many individuals have about filing for bankruptcy is in regards to what will happen to their credit after the process is over. Sure, they have no more debt, but will they ever be able to take out a line of credit again? Of course, this is a completely valid concern since bankruptcy stays on an individual’s credit report for 7 or 10 years after filing, but it is truly not the end of the world.
Bankruptcy can be a wonderful resource for people who have overwhelming debt due to unforeseen medical bills, legal fees, credit card debt, and more. After the bankruptcy process has been completed, the next thing an individual has to do is make sure they get started on the credit-repair process as soon as possible. An individual should be able to get a new credit card fairly easily after completing a bankruptcy. It is important to get a credit card and regularly put small purchases on the card that the individual knows for a fact they can pay back in full each month. By doing this, the individual’s credit score will quickly climb up. In just a few years, they will even be eligible for a mortgage.
If you are considering bankruptcy, contact our firm today.
The Law Offices of George Poulos is an experienced Workers’ Compensation, personal injury, bankruptcy, and Social Security Disability law firm with offices in Queens and the Bronx. If you require strong legal representation, contact our firm today to schedule a free consultation.