Jump to Navigation

New Jersey personal bankruptcy can be recovered form quickly

Finding your way in the financial world after a bankruptcy is a concern for some people in New Jersey. Those who have suffered job loss, divorce or unexpected medical costs may have found that they spent their savings and are concerned that if they seek a personal bankruptcy they will not be able to recover financially. This is not the case, says one recent article, in fact, a credit score can begin to rebuild even while to the bankruptcy is in process.

According to the report, people in New Jersey can tale steps to improve their credit ratings soon after filing. These steps include seeking to obtain a secured credit card. These types of credit cards allow an individual to demonstrate an ability to repay a debt, a step that helps a credit score tremendously.

In fact, the article notes that making timely payments is among the most important steps that a person can take after the filing of a personal bankruptcy. These payments include those required in some bankruptcy cases such as a Chapter 13. Once an ability to repay is established, a new home or car loan can be available.

Though filing for a personal bankruptcy can be a difficult decision for people in New Jersey, it can be a great choice. This is because of the debt discharge that occurs in most cases. In addition, the opportunity to rebuild a credit rating means that the impact of the filing can be relatively short and credit can be obtained. This allows people to recover and restart their financial lives.

Source: WECT.com, Find your financial footing after bankruptcy, Andrew Housser, Sept. 29, 2013

No Comments

Leave a comment
Comment Information

Contact Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Subscribe to This Blog's Feed Visit Our
Bankruptcy Law Website

Office Location

Law Office of Robert Braverman, LLC

South Jersey
1060 North Kings Highway, Suite 333
Cherry Hill, NJ 08034
Phone: 856-254-2196 
Toll Free: 800-759-0767
Fax: 856-414-1230
Map & Directions

Willingboro Area Office
Law Office of Robert Braverman, LLC

1848 Burlington Mount Holly Rd (Route 541)
Mount Holly, NJ 08060
Phone: 856-254-2196
Toll Free: 800-759-0767
Willingboro Area Office

Center City, Philadelphia
15th Floor
1515 Market Street
Philadelphia, PA 19102
Map & Directions

Northeast Philadelphia
7909 Bustleton Avenue
Philadelphia, PA 19152
Map & Directions

FindLaw Network