3 Common Bankruptcy Tips

Another question that we find comes through our office a lot is from married couples or married individuals who wonder if they file for bankruptcy, does their spouse also have to file for bankruptcy? The answer is, no, you can file individually. Sometimes, however, it is beneficial for both partners to file together. Should you choose to file jointly, here in our office, we do not charge extra for the spouse filing jointly, but it is not a requirement. You must consider or you must understand, however, that the income for both spouses will play into the bankruptcy, whether both or one file.

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.