One of the most common questions asked by individuals who are contemplating bankruptcy filing in New York has to do with how this will impact their future over the long run. While many people are familiar with the short-term consequences of filing for bankruptcy like difficulty obtaining credit and an impact on your credit score, they may not be familiar with how these impacts fade over time and whether or not you are eligible or not to receive lines of credit down the road.
Many individuals are interested in owning a home, and while they may realize that this is not possible in the short-term after filing for bankruptcy, it is not something that you should write off entirely. Individuals who take a long-term view of their financial goals can accomplish things such as purchasing a house several years after bankruptcy if they plan for it and budget accordingly. After several years of rebuilding your credit, buying a home may be a possibility.
Bankruptcy does not mean that you will never be able to obtain a line of credit or purchase the home again. Rather, it is an opportunity to recognize when you are in over your head and to take significant legal action to get out from under the debt. Over time, you can recover from the financial blow of filing for bankruptcy depending on your individual circumstances. Speak with a New York bankruptcy attorney today to learn more about how the process of bankruptcy works and what might be reasonable for you to expect as far as getting your life back on track financially after you have filed.
Jayson Lutzky is a Bronx, NY bankruptcy lawyer. He has over 32 years of legal experience. Over the years, he has helped thousands of satisfied clients. Mr. Lutzky offers free in-person consultations. If you are ready to get a fresh financial start, call 718-514-6619 to set up an appointment with the attorney. Visit www.MyNewYorkCityLawyer.com to learn about Jayson Lutzky, P.C.