Often, the decision to file for bankruptcy protection isn’t an easy one. However, when you make the choice, and hire an experience NJ bankruptcy lawyer to guide you through the process, you have taken the first several steps toward getting back on the road to good financial health.
New Jersey does have rules for borrowing money after bankruptcy. Your lawyer can explain those rules as they apply to you. If you filed for Chapter 7 bankruptcy, when the process is completed you can borrow money from any lender that will extend you credit.
That being said, it may not be easy to find a lender who is eager to lend credit – at a reasonable interest rate or at all. As time goes on, and you re-establish your credit score (you get a secure credit card and make regular payments and you don’t get behind on any of your bills) you may be able to get a mortgage as soon as two years after your Chapter 7 is filed.
Since a Chapter 13 bankruptcy takes five years to discharge, you usually will not be allowed to borrow money without permission from a bankruptcy court. However, if you can make it clear why the loan is necessary, and you have been following the Chapter 13 payment plan, a judge may very well approve the loan request.
Talk with experienced bankruptcy lawyer Joel R. Spivack Esq. He has been representing residents of Cherry Hill, NJ and the surrounding South Jersey communities for more than 20 years. He can advise you about all aspects of bankruptcy and re-establishing credit. Contact him today for a free phone consultation.