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Repair Your Credit in Burlington County, NJ

One of the most common bankruptcy myths is that you will never be able to rebuild your credit. Bankruptcy is designed to help people start over and recover financially, and no one would achieve this result if bankruptcy prevented you from rebuilding your credit.

Contrary to popular belief, you can achieve a reasonable credit score high enough for a low-balance credit card just several months after declaring bankruptcy. The credit bureau can only document your bankruptcy on your credit report for 10 years, and the law does not prevent creditors from providing you with loans. The best course of action is to secure one or two credit cards with small lines of credit, being sure not to overspend and pay off each card balance each month and on time. By doing so, you will have a stable, solid credit score within a few years, and you will be able to secure higher lines of credit and other loans such as car loans and mortgages.

Purchasing a Home or Car After Bankruptcy

Declaring for bankruptcy will make it more difficult – but not impossible – to secure financing for a home or car. You may be subject to fees and higher interest rates, and you may also be asked to have a cosigner on your loan.

It is best to wait about two years before purchasing a home or vehicle so that your credit report reflects financial behavioral changes. Mortgage companies may ask you to wait a year after bankruptcy until looking to secure a loan, while car dealerships may not help you finance a vehicle until after you are discharged from bankruptcy. It is also best to save enough money to put down a significant deposit when taking out a mortgage or car loan.

Remember: The more time passes, the better your credit will be. After being discharged from bankruptcy, be sure to make all your payments on time and in full so that all your post-bankruptcy accounts are in good standing.

Seek bankruptcy advice with a free phone consultation

You may currently feel like there is no way to repair your credit, regardless of whether or not you declare bankruptcy. If you are concerned about how bankruptcy will impact your credit and financial future, it is best to seek the counsel of an experienced NJ bankruptcy attorney.

The knowledgeable South Jersey bankruptcy attorneys at McDowell Posternock Apell & Detrick, PC will explain all your options and dispel the myths you may have heard about bankruptcy. Call us today or fill out our contact form to schedule a free phone consultation.

i felt as if she was looking
out for us like family

We closed our house sale yesterday with Melanie Levan. She was so professional, knowledgeable and great to work with. I felt as if she was looking out for us like family. I highly recommend her.

Debbie Poley Thompson

Our Awards

McDowell Posternock Apell & Detrick attorneys have received recognition from various groups and publications. Specific awards are noted on our attorney bios. More information about each of these awards and the methodology used for selection can be found on the following links. Super Lawyers, Awesome Attorneys, South Jersey Biz Best Attorneys in Business. No aspect of these accolades has been approved by the Supreme Court of New Jersey.

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Maple Shade, NJ 08052

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