Many people file for bankruptcy protection as a responsible means of getting their financial lives back on track. In New Jersey and across the United States, over 1.1 businesses and individuals filed for personal bankruptcy in 2013. The good news is that filing for protection is often successful. By making some proactive steps, bouncing back after filing may be faster than expected.
Initially, a bankruptcy typically lowers a filer's credit score. How far the score drops is dependent upon what the person's credit rating was initially. The higher the score, the higher it is after filing.