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