If you have been struggling financially for quite some time and are worried about the future, it may be time to consider filing for bankruptcy. A lot of people have this idea that bankruptcy is a negative mark on their financial record. The reality is that if you are at the point of needing to file bankruptcy, your financial record isn’t that great to begin with and bankruptcy should really be viewed as a fresh start. Filing for bankruptcy can be the first step in a future of financial success.

One of the major apprehensions people have about filing for bankruptcy is that their credit score will take a hit and they will never be able to rebuild it. However, the longer you are unable to pay your bills, the further your credit score will decrease anyway. Many people who complete the bankruptcy process are able to have a good credit score in just a few years, as long as they are careful about their use of credit cards.

Upon the completion of the bankruptcy process, it is important that you apply for a secured credit card, which may require you to put down a deposit. It is important that you only put small purchases on the credit card that you know you will be able to pay each month, such as gas for a car. Be sure to pay your bill on time and in full each time it is due. Over time, your credit score will climb back up and may even be higher than it was prior to filing for bankruptcy. You may also want to sign up for a credit monitoring service so you can see the factors that are taken into consideration when calculating your score. Some of these include the amount of debt you have, the number of credit cards you have, the fact that you have filed for bankruptcy, among other factors.

If you are considering filing for bankruptcy but have concerns, it is best to speak with an experienced bankruptcy attorney. Our firm can effectively guide you each step of the way. Contact us today to discuss your situation.

Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.