If you decide to file bankruptcy, it is always good to speak with a bankruptcy lawyer to help you. Seeking the advice of a qualified bankruptcy lawyer is essential to ensuring that your case goes smoothly. When you file bankruptcy, it can stay on your credit report for 7-10 years.
Many individuals who file bankruptcy can actually see their credit score increase after filing. Often individuals filing bankruptcy wonder why their score would increase. To understand why, you need to understand how the credit bureaus calculate a credit score. Credit burueaus look at debt to income ratio to determine a credit score. The lower the credit score, the less chances of having a lender extend credit. 
A credit score can range from 0-850. When credit bureaus calculate a credit score they look at income, debt, payment history and length of credit. The more debt you have, and the less income, the higher the negative impact on a credit score. When individuals file bankruptcy their debt is wiped out. This means they no longer have debt and credit scores look at this as a positive factor.
If you are looking into filing bankruptcy, chances are your credit score isn’t good anyway. Late payments stay on a credit report for 7 years, and judgments can be renewed against an individual for 20 years. Individuals filing bankruptcy, can get rid of their debts within four months. By wiping out this debt, it can allow for more disposable income. It can also allow you to start putting money away allowing you to save for your retirement or other necessities. Individuals who practice good credit rebuilding techniques after filing bankruptcy, can see a perfect credit score within two years of filing.
Debtors who file bankruptcy can get credit again immediately after filing. It is not uncommon to get credit card offers in the mail immediately after a bankruptcy discharge is entered. Creditors like to extend credit to individuals who file bankruptcy because they are less of a risk. For people who file chapter 7 bankruptcy, their debt is eliminated which means they have no other debt. Creditors see this as a positive factor. Chapter 7 bankruptcy can only be filed once every 8 years. For a lender, this can put you ahead of someone who has high debt and the ability to file bankruptcy.
Life after filing bankruptcy can be great for many individuals. As their credit score increases and they are able to restart their life, many people feel a sense of financial freedom. Individuals are able to restart their lives by getting mortgages, car loans, and credit cards again.
Hiring a NY & NJ Bankruptcy Lawyer To Help You with Your Bankruptcy Case
Filing a bankruptcy requires diligent preperation to ensure that your financial situation is handled properly. Filing bankruptcy without an attorney can leave your in a bigger financial disaster. There are many non- attorneys who fraudulently prey on vulnerable people, and tell them to hire them to fill out bankruptcy paperwork. These individuals are called petition preparers and are illegal if they are providing you with legal advice. If you have met with one, it is important to understand that they can not give you legal advice. Any bankruptcy petition preparer who gives legal advice, and is not a bankruptcy lawyer, can get in big trouble. It is actually illegal for individuals without a law license, to give legal advice to potential bankruptcy clients.
Filing bankruptcy requires extensive knowledge about the bankruptcy laws. Many legal issues can arise when filing a chapter 7 bankruptcy or a chapter 13 bankruptcy. Staten Island NY and New Jersey bankruptcy lawyer Karra L. Kingston Esq. can help ensure that your bankruptcy case is handled properly.
Our bankruptcy lawyers can answer some of the most common questions you may have if you are contemplating bankruptcy, such as:
- Whether bankruptcy is the right decision for me?
- Whether my debt can be eliminated in bankruptcy?
- Whether I will be able to keep my property if I file bankruptcy?
- Whether I should File Chapter 7 bankruptcy?
- Whether I should File Chapter 13 bankruptcy?
- Whether I will face tax consequences if I file bankruptcy?
- Whether my credit score will be ruined forever if I file bankruptcy?
- Whether I should continue to make payments to creditors if im going to file bankruptcy?
- Whether I can get a mortgage if I file bankruptcy?
- Whether all my credit cards have to be included if I file bankruptcy?
Our bankruptcy lawyers can help you complete your bankruptcy filing, and make sure that your bankruptcy case is handled properly.
Karra L. Kingston Esq. serves Staten Island, New York, New Jersey and all of the 5 boroughs. Our bankruptcy lawyers can provide you with the legal expertise you need to get out of debt. You can reach us by giving us a call at (973)-979-9078 or emailing us at karra@klkbankruptcylawyer.com