Bankruptcy and Your Credit Score

Do you have questions about bankruptcy and your credit score and how they relate? Read this article, then call our South Jersey lawyers now.

1) How A Spouse’s Bankruptcy Affects Your Credit Score

Bankruptcy and Your Credit ScoreA question that we get a lot from married clients is, “Will my filing for bankruptcy affect my spouse’s credit score?” The answer is no. It is important, however, to understand that in your bankruptcy filings both incomes will be considered. If you have any more questions regarding this, please feel free to call our office.

2) Rebuilding Your Credit After Bankruptcy

A concern that’s expressed by our South Jersey clients as they go through the bankruptcy process is, “Where do I go from here? How do I rebuild my credit? Is there credit after bankruptcy?” The answer is yes. Though your credit score will take a hit initially, within six to nine months it will improve and you’ll begin to see offers for credit cards come through the mail. We recommend taking those credit card offers, utilizing that credit and paying it off every month. Until that point, you have to make sure you’re current with your mortgage payments or your rental payments, as well as all your utilities. Making all these regular monthly payments helps you to reestablish your credit and helps your credit score to go up. If you have any questions regarding this, please feel free to contact our office.

3) How Bankruptcy Affects Your Credit

A lot of South Jersey clients who call our office ask, “How is bankruptcy going to affect my credit?” You will see your credit score dip at first, but within six to nine months your credit health begins to improve. You’ll see offers for credit cards coming through the mail. We recommend that you utilize some credit and pay it off. Within two years, you will be eligible for a mortgage, as well as a car loan.


Are you or a loved one dealing with a mountain of debt and have questions about bankruptcy and your credit score? Contact experienced South Jersey bankruptcy lawyer Andrew Carroll of All Jersey Bankruptcy today for a free consultation and case evaluation.

We are dedicated to giving you the answers that you need in order to make an informed decision about whether bankruptcy is the best decision option for you.

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