There is a common myth that after you’ve filed for bankruptcy, your financial future will be in ruins. This myth specifically persists in the area of establishing credit. After all, the old story goes, who would give credit to someone who has not handled credit well in the past? Actually, many banks will, and it turns out that there’s a lot you can do about your credit situation post-bankruptcy. But rest assured: your financial future is not in ruins. The team at We The People of NY offers a huge range of legal document preparation services.
Here they share three facts about credit after bankruptcy.
- Reestablishing Credit Will Take Time: A bankruptcy on your credit report will discourage many banks and lenders from giving you credit in the months immediately following your filing. But it’s important that you not be discouraged because solutions are out there. It just takes time to find those that are right for you—and then a bit more time to rebuild your credit. Credit cards with low credit limits and unsecured credit cards are ideal for those who’ve filed for bankruptcy and are looking to reestablish credit.
- You May Still Qualify For Home & Car Loans: Bankruptcy is not a financial death sentence. In fact, many people are still able to secure home and car loans within a couple of years of filing. There may be different interest rates, fees, or conditions to the loan, but these are excellent avenues for rebuilding credit. If you are facing a bankruptcy, trust We The People of NY to help you draft the necessary legal paperwork.
- You Should Check Your Credit Report Regularly: Financial experts agree on the importance of checking your credit report in the months following a bankruptcy. You want to ensure that all associated debts have been included in your filing and that all your post-filing efforts to rebuild credit are evident.
Let We The People of NY guide you through the document preparation process as you file for bankruptcy. Call (212) 633-2200 or visit their website to get started. We The People offers a full selection of document preparation services, including wills, deeds, name changes, and divorce papers.