Bankruptcy and Your Credit

Filing Bankruptcy Can Be First Step in Improving Credit

Many people with serious debt problems put off filing bankruptcy because they don't want to ruin their credit. In reality, if you are facing issues such as wage garnishments, car repossessions and foreclosure, your credit is probably has nowhere to go but up.

At the law offices William H. Oliver Jr. & Associates, our lawyers offer a free initial consultation to discuss the effect of bankruptcy on your credit.

You Can Improve Your Credit. Contact William H. Oliver Jr. & Associates for a free bankruptcy consultation in Monmouth or Ocean County.

How Will Bankruptcy Affect My Credit?

If you file bankruptcy, it will remain on your credit report for seven to 10 years. However, bankruptcy does not have the stigma it had years ago. Some creditors will actually see you as an improved risk because you will be debt free (except for secured debts such as home or car payments).

How Soon Will I Be Able to Borrow Money After Filing Bankruptcy?

In most cases, you will be able to obtain credit cards and obtain car loans shortly after your debts have been discharged. However, you may pay high interest rates at first. You may need to start out with a debit card (a credit card backed up by cash deposits).

Filing bankruptcy can actually be the first step in improving your credit. As long as you pay your bills, your credit will quickly improve. After two years, you will be able to get a FHA loan to buy a house.

Free Attorney Consultation

With offices in Toms River and Neptune City, New Jersey, our lawyers are ready to answer your questions about bankruptcy and your credit score. Evening and Saturday appointments are available. Call toll free: 1-866-974-1136 or fill out our contact form. Hablamos español.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.