Levitt & Slafkes, P.C. Consumer Bankruptcy & Foreclosure Defense Lawyers
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Your Credit Score & How Bankruptcy Impacts It

It is a common belief that filing for bankruptcy ruins your credit score forever, but this is NOT true. While improving your credit after a Chapter 7 or Chapter 13 takes time, with patience and self-discipline, it can be done. It is important to understand what factors the credit reporting agencies look at in calculating your credit score.  Some of the factors are: •Payment history - it is essential that you review your credit report (the three major credit reporting companies are Experian, Equifax, and TransUnion) yearly to confirm it is accurate.  If you find any errors, be sure to have them removed. •Amount of debt owed - after your bankruptcy case, you will probably have very little remaining debt, but you may have secured debt such as your mortgage or vehicle loan.  Paying down your secured debt should still be a priority and it will help improve your credit score. •Recent credit history - paying your bills on time and maintaining credit cards with only low balances is very important.  After your bankruptcy filing, it is vital that you demonstrate responsible credit card use. •Types of credit being used - having secured and unsecured credit is common, but remember that the best strategy for managing your debt is to use credit only when necessary. Contact Levitt & Slafkes, PC to help you with your bankruptcy filing and also assist you in creating a plan for rebuilding your credit! If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.  

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