Life After Bankruptcy
Gaining a Fresh Start
Life after bankruptcy is a new beginning that also includes some challenges, which you must be smart about meeting. You will be debt-free except for the obligations you may have reaffirmed, such as your mortgage or auto loan. You will be free from creditor harassment and the stress and worry of trying to pay your bills every month without adequate funds to do so. However, your credit score, which was probably not all that good anyway if you were missing payments, may have gone down 200 or more points.
There are several types of bankruptcies, all of which I can help you with as a bankruptcy attorney. If you need legal assistance in determining what type of bankruptcy is appropriate for you and your financial goals, whether it is a Chapter 7, Chapter 13, or Chapter 11, I can provide a personal bankruptcy evaluation. I have over 35 years of experience in the legal field and am dedicated to serving clients with debt relief solutions.
What Happens After Bankruptcy?
A bankruptcy will remain on your credit report for up to 10 years after your filing. This may make it difficult for you to get loans or credit cards, primarily in the first year after filing bankruptcy. Usually, most people receive offers to buy cars and get new loans immediately after discharge, but at a somewhat higher interest rate. With each passing year, it will get easier and easier to borrow money or buy a car, and the interest rates will continue to go down.
If you have kept your home or auto loan, continuing to pay these obligations in a timely manner will also help to repair your credit. You may have to live on a cash basis for a while, which will ensure that you don't spend more than you make. Adopting a no-frills lifestyle, making your payments in a timely manner, and building up cash reserves such as a saving account will go a long way to ensure that you regain financial stability.
For help with debt relief, please contact my office to schedule a consultation. It is my top priority as a bankruptcy lawyer to help you regain control of your finances and move towards a healthier financial condition.