How can I recover after filing for bankruptcy?

If you’ve recently filed for bankruptcy in New Jersey, you may be fearful about your financial future. While it’s true that bankruptcy can have an impact on your finances, it is possible to recover and get your life back on track. U.S. News & World Report offer the following information in this case, which will help you rebuild your credit and savings once again.

Think about what led you to bankruptcy

Bankruptcy can happen for all kinds of reasons. For some people, it may result from an unexpected job loss or serious illness. For other people it occurs because of poor financial decisions and a failure to properly manage money. If this is true in your case, sit down and think about those decisions you made and how to avoid them in the future. The best defense against future instability is to create a budget and stick to it.

Review your credit report

It’s possible for there to be erroneous entries on your credit report. These entries will bring your score down due to no fault of your own, so it’s important you address them to the appropriate credit bureau. This is especially important after bankruptcy, as debts that have discharged may still show up on your report. Have documentation handy when disputing entries to ensure the issue is dealt with swiftly.

Be wary when using credit cards

At some point you’ll likely apply for another credit card, which is an important component of rebuilding your credit. Making payments on time and using your card wisely is crucial in this case and will reflect positively on your credit report. However, be wary of accepting a higher credit limit, as this can take you down a dark path financially. Use your credit card sparingly and smartly while also building your savings.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Tell Us About Your Case

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Keep In Touch

East Orange Office
7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017

Phone: 973-414-8069
Fax: 973-675-5886
Map & Directions

Newark Office
168 Bloomfield Avenue
Newark, NJ 07104

Phone: 973-419-5266
Map & Directions

Paterson Office
100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510

Phone: 973-419-7631
Map & Directions

Jersey City Office
26 Journal Square,
Suite 603
Jersey City, NJ 07306

Phone: 201-205-2496
Map & Directions