When an individual or a business in New Jersey is struggling financially, they may feel like there is nowhere to turn. They may be facing serious debt with no way to repay it. They may be frequently contacted by debt collectors who are looking for money they simply just don’t have. When everything feels overwhelming, it may be time to consider filing bankruptcy.

Though bankruptcy has traditionally had a negative stigma, it is important to think about it as the light at the end of a tunnel of debt and despair. Once you file for bankruptcy, all collection agencies and creditors will no longer be able to contact you thanks to what is known as an automatic stay. After your bankruptcy has been finalized, your debt may be completely cleared, depending on the situation. Perhaps you have chosen an option where you still have debt but you were granted some time to come up with a repayment plan.

Sure, bankruptcy stays on your credit report for a while after filing, but this is not the end of the world. After filing for bankruptcy, you can work to rebuild your credit score and it won’t take more than a few years. The key is just to get a credit card and only put small purchased on it that you know you can make payments on each month. Maybe only use it for your car’s gasoline, or whatever small payments you choose. Little by little, your credit score will climb and you can focus on keeping yourself free and clear of debt.

If you need the assistance of a bankruptcy attorney, our firm can assist you through these tough times and help guide you towards financial success.

Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.