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Life After Bankruptcy

When you consider filing for bankruptcy, it is likely that you will be more concerned about life after bankruptcy than the bankruptcy process itself. You may be thinking that you will never have good credit again or that you won't be approved for mortgages or loans at reasonable rates for years. This is not always the case. Since you have already filed for bankruptcy, it means that you are interested in a healthier financial future. It also means that you have learned a lot of lessons, albeit the hard way, about fiscal responsibility. Yes, your credit score will have taken a hit after you file for bankruptcy. Yes, you will have higher interest rates at first. Within a year or two, however, many people are able to obtain credit at reasonable rates. Start by reviewing the case with a Long Island bankruptcy lawyer from our team.

Will my bankruptcy information be private?

Bankruptcy records are public records, but it is highly unlikely that your neighbors, co-workers, or boss will bother to look at public records. The only time someone might look up your record is if you are applying for a loan, housing, or job, and they check your credit. If you file for Chapter 13 bankruptcy, you will still have to make payments. If the payments are automatic, you can arrange it so that they are taken from your bank account immediately after a payroll direct deposit, instead of directly from your paycheck. This keeps anyone in your office from knowing about this aspect of your finances.

Rebuilding Your Credit

Some things you can do to start rebuilding your credit immediately are:

  • Pay all bills completely and on time.
  • Create a budget. Go through your expenses and determine what is absolutely necessary and what is not. For the next year or two, get rid of unnecessary expenses.
  • Keep a small percentage, 10% or so, of each paycheck and put it into savings. Do not touch your savings unless there is a true emergency. If something unexpected happens, such as unemployment or a medical issue, you will need this money to stay out of debt.
  • Charge small amounts on a secured credit card with a low balance. Pay it off in full each month to rebuild your credit and avoid high interest fees.
  • Check your credit report on a regular basis. There is only one free government credit check website; do not be fooled by other sites that claim to be free.
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