HOW BANKRUPTCY FIXES YOUR CREDIT


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This may sound contradictory to what you may already think about bankruptcy, but it’s true.  Bankruptcy is the first step toward fixing your credit.

If your credit cards are already maxed out, if your bills are already months past due, if you already have a low credit score, if you’re being turned down for new loans… your credit is already bad.  You want good credit.  The fastest and best way to get good credit in a situation like this is to file for bankruptcy.  You need a fresh start.  You need to get rid of your old debts and start re-building your credit from the bottom up. 

What sounds better?

  • Trying to re-build your credit while your credit is bad and you have all your debts hanging over you, OR
  • Trying to re-build your credit while your credit is bad but you have a clean slate free of debt. 

The easy choice is to start with a clean slate.  That’s bankruptcy.  You have probably already tried to rebuild your credit on your own, and you haven’t had much success… now you’re looking for a better option.  That’s bankruptcy.

Stop thinking of bankruptcy as something negative and start thinking of bankruptcy as the positive decision that will turn your credit, and your life, around.  Bankruptcy can’t hurt credit that is already bad, but it can get rid of debt you can’t afford to pay.  Bankruptcy is the push in the right direction that you’ve been looking for. 

  • Paying your monthly minimums seems good enough, but you’re just spinning your wheels.
  • Late-night debt consolidation commercials seem tempting, but most of those companies are not legitimate.
  • Borrowing money from friends and family seems easy, but you’re only borrowing from Peter to pay Paul and not truly getting ahead.
  • Taking a loan from your retirement may seem smart because you’ll just pay yourself back when you can, but what if you can’t?

With bankruptcy, you are getting rid of your debt, not pushing it off for later.  You are eliminating certain types of debts permanently without having to pay them back.


Law Offices of Scott E. Tanne assists New Jersey Bankruptcy clients in Essex, Union, Morris, Passaic, Sussex and Bergen Counties as well as the cities of Newark, Elizabeth, East Orange, West Orange, Irvington, and Dover, NJ.

We offer reasonable fees and payment plans. Contact us today at 973-701-1776 for your free consultation with one of our attorneys.


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