Long Island Bankruptcy Attorney

Life After Bankruptcy

Filing for bankruptcy is a difficult decision for anyone.  One common reason for this is the fear of what things will be like for their future.  This is often referred to as "life after bankruptcy" and it is often misunderstood.  It is common for people to avoid filing for bankruptcy because they fear what it will do to their credit rating and credit report.  In some cases, however, not filing for bankruptcy protection can have negative effects that can go beyond any credit rating impacts.  Bankruptcy laws are there for the express reason of helping people get a fresh start and on their way to a brighter financial future.  Speak with a Long Island Bankruptcy attorney to find out more concerning your particular case.

How Fast Can I Rebuild My Credit?

A Chapter 7 or Chapter 13 bankruptcy will have effects on your credit but they are not permanent in the least.  The truth of the matter is that in some respects, your credit is helped by bankruptcy protection.  To be specific, a bankruptcy changes your debt to income ratio to something lenders may find more appealing.  When applying for a loan or line of credit the applicant's debt-to-income ratio is a key  factor in deciding whether the application is accepted or not.  Of course, there are other factors in an individual's credit history that are examined.

It is important to know that while in some cases a person's likelihood of being approved for a loan or credit card may actually be improved after filing for bankruptcy, the filing will be on the credit report for up to 10 years.  Many people think that they will not be approved for a line of credit until the bankruptcy is completely off their record but this is usually not the case.  Many people do obtain credit cards not too long after filing for bankruptcy.   You may start receiving credit card offers in the mail soon after your bankruptcy is discharged.  There is absolutely life after bankruptcy and the outlook for your credit is not as grim as the banks may have you believe!

Contact a Long Island Bankruptcy Lawyer at the Law Offices of Loscalzo and Associates or call us at (631) 564-2754 to arrange for a free and confidential bankruptcy consultation.   Find out what your life and credit may be after bankruptcy!