Re-Establishing Credit in Glens Falls, NY
Re-Establishing credit is easy with assistance from the bankruptcy practitioner at the Law Offices Of Edwin M. Adeson in Glens Falls, NY.
Myths about Bankruptcy
Many people believe that filing bankruptcy kills your credit for 7 to 10 years, or even for life, and that is simply not true. At our firm, we always tell clients to imagine their life two years from now and we ask, will you be better off if you file bankruptcy or not? Most of the time, although it is not always what they want to hear, they will be much better off financially if they file bankruptcy.
Bankruptcy does stay on your credit report for 10 years, however, typically, mortgage and vehicle loan applications ask if you have filed in the past seven years. Although bankruptcy does severely damage your credit, most potential bankruptcy clients already have poor credit because they are typically behind on payments.
Re-Establishment of Credit
Once you are out of bankruptcy, you can reestablish your credit to about average credit within 8 to 12 months and above average credit within 18 to 24 months. This means that you can easily buy vehicles within a year at a reasonable interest rate and real property within a couple years, assuming you are working and paying bills on time.
Bankruptcy clients often re-establish credit quickly by continuing to pay on secured items. We advise you to get a credit card immediately after filing bankruptcy and charge and pay every month to assist in reestablishing credit.
"Due to very high medical bills, I could not meet my obligations. After a year of struggling, I contacted Mr Adeson to file bankruptcy. It's seven weeks later and the bankruptcy proceedings are done and I am free of debt. The fee was very reasonable. Mr Adeson is an extremely efficient and caring attorney. HIGHLY RECOMMENDED!" - PL
"I don’t use Facebook, but I have recommended your services and will continue to do so. I appreciated your prompt response every time I had a question. You made a most uncomfortable situation bearable.
"He is very proficient, easy to talk to, very through. I have worked with him on 2 different occasions. First time did not want to file he knew what was going on. He remained supportive through it all. This time there was no question I had to file and I knew exactly who I wanted to help me. He was extremely patient to get paid as well." - Aileen Morris