CREDIT AFTER BANKRUPTCY
WHERE TO FIND IT, HOW TO BUILD IT
One of the most common myths about declaring bankruptcy is that it’s impossible to open a new line of credit. Many of our clients ask us about this misconception, hesitant to move forward with their filing. It’s an understandable concern. While bankruptcy offers relief from many immediate issues, people don’t want to give up on their financial future. Thankfully, we’re here to tell you that, despite popular belief, it is possible to attain and build credit after bankruptcy. Stay on Top of Your Bills The most important thing you can do for your future credit after a bankruptcy is to make sure you are paying your bills on time and staying out of debt. While this won’t immediately build your credit score, it prevents it from getting worse. Once you have an idea of what your means are and you’re confident you won’t overextend your finances, you can begin taking steps to build credit proactively. Consider a Secured Credit Card Unlike other cards, a secured credit card requires you to make a deposit up front. This added protection for the lender keeps interest rates relatively low, making it an attractive option for those with a bankruptcy on their credit history. Using such a card responsibly — paying on time while maintaining a low balance — is one of the fastest ways to rebuild your credit.
Cars and Homes If you are considering taking out a loan on a car or other property, you’ll likely find interest rates are exorbitant. It’s best to wait at least a year to make this kind of purchase, and only take out a loan if it’s absolutely necessary. If you’re in the market for a new home, most lenders require you to be out of bankruptcy for two years before allowing you access to mortgage lending. This is all the more reason to use this time to build your credit through other means. If you are considering filing for bankruptcy but have more specific questions on what the future might entail, reach out to an experienced bankruptcy attorney, like the professionals at Young Marr and Associates. We offer free consultations with our lawyers about the bankruptcy process and the long-term effects it can have on your life. Call today at 215-883-8532 for Pennsylvania or 609-796-9852 for New Jersey.
SUDOKU
VALENTINE’S DAY COOKIE CARDS
INGREDIENTS •
2 1/4 cups all-purpose flour
• • •
3/4 cup sugar
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2 teaspoons pure vanilla extract
1/4 teaspoon salt
2 sticks unsalted butter, cold and cut into 1/2-inch cubes
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Royal icing, sprinkles, and edible markers, for decorating
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2 large egg yolks
INSTRUCTIONS 1. Heat oven to 375 F.
2. In a mixing bowl, combine flour with sugar and salt. Add butter and combine using a mixer at low speed, until butter breaks down into small, crumbly pieces. Increase mixing speed to medium and mix until butter and flour clump. 3. Add egg yolks and vanilla extract to bowl, return mixer to low, and mix until dough congeals. 4. Carefully roll dough into a sheet 1/16-inch thick and cut into 4x6-inch cards. 5. On a parchment-lined baking sheet, bake cookie cards for 6 minutes, rotating the pan halfway through. 6. Let cookies cool completely, decorate, and distribute.
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