Will Poor Credit Prevent Me From Living in New York?
Living in New York is hard enough. Bad credit can make it even more difficult to find a good apartment and a good job since almost every landlord and employer runs a credit check these days. Having bad credit can make it tough, but everyone deserves a second chance, and there are legal protections available to anyone on the road to financial recovery.If your poor credit is dealt with correctly, it will not prevent you from living in New York City.
If you are financially distressed, underwater from your debt and unable to afford the home, car or things you need then you need to get help to improve your finances right away. Declaring bankruptcy is often the best place to start as it will immediately rid you of your toxic debt and unmanageable monthly expenses. It is a legal protection afforded to Americans to ensure a fresh start is available to everyone who may be financially overburdened. Other debt relief strategies simply do not have the legal protection that bankruptcy provides.
Moreover, if your financial situation is already desperate and your credit shot, employers and landlords will actually see a bankruptcy being favorable to a messy credit report that shows no proactive measures being taken to improve your credit. You are actually more of a risk than had you filed for bankruptcy protection already. In New York bad credit is worse than bankruptcy when looking for an apartment or new job.
Don’t get me wrong, the word “bankruptcy” does not look good on a credit report, but the truth is that most lenders would rather loan to a person who just filed bankruptcy than to a person that clearly cannot pay their bills. No creditor wants to put themselves at the end of a long line of people trying to collect from you. So ironically what’s actually keeping most people from the lifestyle and home they want is their bad credit, not the word “bankruptcy” on their credit report. Many people sadly have this backwards and will continue to throw good money after bad when they could have found financial assistance long ago.
Bankruptcy actually gives you the fresh start you need. Your debts are eliminated, and you are left in a better financial position to pay for the things you need without throwing all your money after bad debt. Since you also can’t file again for eight years landlords can lease you a good apartment with much more confidence since they are almost guaranteed payment since all your toxic debt is now behind you and they have almost eight years to collect on the rent.
Usually, your credit will start to improve within 15 months after filing bankruptcy as well, and you will start receiving new credit card offers as soon as your bankruptcy is concluded, and sometimes even before. The same credit card companies that got you into the mess in the first place will be happy to start offering you new cards right away. But with no toxic debt hanging over, you will be able use your new credit cards wisely this time around and in a way that will rebuild your credit for the future.
It will be like starting over with that very first credit card when you were younger, except for now you will have a chance to do everything differently. You are surely more financially mature now then when your money trouble began and you will be able to apply the lessons from your bankruptcy to become financially disciplined.
Don’t let your bad credit keep you from living in New York and getting the second chance you are entitled to. Millions of people file for bankruptcy every year and countless New Yorkers needed a second chance before they could make it here.
As they say, if you can make it in New York you can make it anywhere. The Law offices of William Waldner are dedicated to providing you with a fresh start at your finances and your dreams in New York City. If you live in New York please give us a call at 212-244-2882 to schedule a free consultation today.
This article is intended for educational purposes only. By reading this article no attorney-client relationship has been created.