Depending on whether or not you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy in New York, you can expect this to impact your credit score. As time goes on after you have filed for bankruptcy and your bankruptcy has been approved, you may ultimately begin to see an improvement in your credit score.

Many individuals have questions about what is normal in this process as well as when they can expect to see improvements. It will be difficult for you to obtain credit initially after you file for bankruptcy, but it’s not necessarily impossible. You will see almost an instant change in your debt to income ratio after you have filed for Chapter 7 bankruptcy and been discharged. While Chapter 13 filers will also see somewhat of a reduction in debt to income ratio, it won’t happen as quickly as those individuals who filed for Chapter 7. Doing your research about best practices for improving your credit score is a good way to approach this situation, too, so that you can be mindful of behavior to help you.

It’s a good idea to avoid borrowing any money too quickly in the event that your credit score has improved such that you may be able to borrow money again. Consulting with a financial advisor in developing a long-term plan to accomplish your goals is strongly recommended after you have filed for bankruptcy. A New York bankruptcy attorney is a critical component of deciding to make a fresh start with your life and get out from underneath the debt. If you believe that your financial situation has gotten out of control, then set up a meeting with a Bronx bankruptcy attorney today to learn more about your options.

If you are considering filing bankruptcy and are looking for a fresh start, then contact the law office of Jayson Lutzky, P.C. Mr. Lutzky handles Chapter 7 bankruptcy cases and offers free in-office consultations. To set up an appointment with the attorney, call 718-514-6619. Visit to learn more about the bankruptcy law.