The Law Office of Lauren S. Cohen, LLC
Over 35 Years Of Experience At Your Side
Phone: 607-821-0100
Toll Free: 866-539-2596
Our Practice Areas

How to quickly recover from bankruptcy

A bankruptcy can stay on a credit report for up to 10 years. However, those who file in New York or elsewhere can start rebuilding their credit far sooner. According to a study from LendingTree, 65 percent of those who filed for bankruptcy had a credit score of 640 or higher two years after filing. The study looked at 1 million LendingTree users who had received loan offers in 2017.

One of the most effective steps a person can take to rebuild credit after bankruptcy is to obtain a secured credit card. With a secured card, the credit limit is determined by the amount of the security deposit a cardholder puts down. This card can then be used to charge small items such as a recurring Netflix account or similar subscription that is easy to pay off. Ideally, an individual won't use more than 20 percent of his or her available credit in a given month.

Those who have filed for bankruptcy will benefit from analyzing why they had to do so in the first place. For those who are prone to overspending, it can be worthwhile to create a budget to get a better sense of their overall financial situation. Signing up for a credit monitoring service can help an individual measure their progress after a bankruptcy case ends.

Filing for bankruptcy may make it possible to reorganize or completely eliminate debt. Those who have credit card, medical or other unsecured debts may be entitled to a timely discharge in a Chapter 7 case. However, those who must file for Chapter 13 may still benefit from the fact that creditors generally cannot contact debtors while a case is open. This might allow a person to keep a home or car while a case is being resolved.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Let's Work Together To Resolve Your Legal Issues. Contact Me Today.

Bold labels are required.

Contact Information
disclaimer.

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.

close

Privacy Policy

Contact Information

The Law Office of Lauren S. Cohen, LLC

Johnson City Office
520 Columbia Drive, Suite 102
Johnson City, NY 13790

Toll Free: 866-539-2596
Phone: 607-821-0100
Johnson City Law Office Map

Binghamton Office
49 Court St
Binghamton, NY 13901

Toll Free: 866-539-2596
Phone: 607-821-0100
Map & Directions

Johnson City Office
Mailing Address
828 Oakdale Road
Johnson City, NY 13790

Map & Directions