Making the decision to file for bankruptcy in New York is likely something you have arrived at over the course of carefully considering all of your options. You may have even attempted other methods such as credit counselling or consolidating all of your debts. While there is no clear answer to the question about how bankruptcy will impact your credit, your credit is likely already bad if you are considering filing for bankruptcy in New York. Bankruptcy cannot make anything worse in this situation where you are already completely overwhelmed. Trying to make a positive step forward may be the best thing that you can do for yourself in this situation.

The fact that you have filed for bankruptcy could appear on your credit record for up to 10 years. Since bankruptcy wipes out all your old debts, however, this does give you a fresh start and a clean slate to be able to pay your current bills. Shortly after filing for bankruptcy you may be eligible to get new credit. In the event that you are in over your head, filing for bankruptcy may have an impact on your credit but it likely will not impact your credit any more than it is already damaged. In fact, filing for bankruptcy can give you the fresh start that is necessary to overhaul your credit and begin better habits and get on top of your financial situation.

If a serious event has caused you to file for bankruptcy such as a sudden medical diagnosis that has generated a lot of hospital bills, then filing for bankruptcy gives you the peace of mind that you can move on with your life effectively. Don’t hesitate to consult with a New York bankruptcy attorney if you find yourself in this situation. If you are considering filing for personal bankruptcy, then consult with Jayson Lutzky. Mr. Lutzky is an attorney with over 32 years of experience who offers free in-person consultations. Call 718-514-6619 to set up your no-obligation appointment. Visit to learn more about Mr. Lutzky’s experience handling bankruptcy matters.