Chapter 7 Bankruptcy attorneys Ackerman Fox highlight that going bankrupt can help rebuild a person’s credit score – East Meadow, NY

Neil Ackerman and Kamini Fox, founders at Ackerman Fox in East Meadow, NY, have just revealed how going bankrupt can help rebuild someone’s credit score. For more information please visit http://ackermanfox.com/

East Meadow, NY, United States – March 29, 2018 /MM-REB/ —

In a recent interview, Neil Ackerman and Kamini Fox, founders at Ackerman Fox in East Meadow, NY, have just revealed how going bankrupt can help rebuild a person’s credit score.

For more information please visit http://ackermanfox.com/

When asked to comment, Fox said, “Most of our clients who have been hassled by credit collection agencies or by banks don’t realize that bankruptcy is often the best option available to them.”

“Even though bankruptcy is allowed by law to stay on your credit report for up to ten years, people are surprised to learn that this does not mean that they will not be able to get any credit during this time.”

“In fact many don’t realize they can still work toward rebuilding their credit within a few months after they receive their discharge in bankruptcy,” she added.

Filing for bankruptcy frequently means wiping a person’s credit slate clean, which can often help – not hurt – that individual’s credit score over time.

When asked to elaborate, Fox’s partner, Neil Ackerman commented, “Most debts are discharged (wiped out) in bankruptcy, depending on the type of bankruptcy filed. Wiping out debts means that your income to debt ratio improves, but this will only get worse if you put bankruptcy on the backburner.”

“Additionally, since you no longer owe debts which have been wiped out in bankruptcy, potential lenders are less concerned about your ability to repay any future monies lent to you,” he added.

Ackerman was also keen to point out that in order to rebuild credit and keep increasing a person’s credit score after bankruptcy, it is essential to keep current on all utility bills, rent, mortgage payments, and on all future credit card bills and loans that are obtained after bankruptcy.

“Although bankruptcy offers a person a fresh start in life we caution our clients to treat this fresh start as newly found gold, and to limit the use credit cards or loans to begin with. By doing this you avoid building up large credit balances again and reduce the chance of missing payments,” he added.

When asked about the benefits of restoring credit, Kamini Fox, commented, “Taking these steps to recover your credit can mean that in as little as two years after filing, you can apply for an FHA mortgage loan (in some circumstances, only 1½ years after the discharge) and a conventional mortgage within 4 years after a discharge in bankruptcy.”

Source: http://recommendedexperts.biz

Contact Info:
Name: Neil Ackerman and Kamini Fox
Organization: Ackerman Fox, LLP
Address: 90 Merrick Ave #400, East Meadow, NY 11554, USA
Phone: +1 516-493-9920

For more information, please visit http://ackermanfox.com/

Source: MM-REB

Release ID: 313543