Life after Bankruptcy

Life after Bankruptcy

What happens to your life after filing bankruptcy? Your life improves. It does not get worse because you have filed bankruptcy. A bankruptcy filing provides relief to debtors. Creditor harassment stops and debt is discharged.

Once discharged, your debts are forever gone. You can never be forced or even asked to pay after your discharge is granted. Notices in your mailbox end. The phone stops ringing. You begin again with a fresh start, free from insurmountable debt. Filing bankruptcy puts you back in control. You can make decisions based on what your current needs are and not based on what consequences you will face for having to choose who to pay this month.

A New Beginning with New Challenges

Life after bankruptcy consists of a fresh start along with new challenges and obligations. Without credit, you may have to live on cash and start building an emergency fund for unexpected expenses. A Chapter 7 bankruptcy will remain on your credit report for 10 years. A Chapter 13 may disappear from your credit report after 7 years. Even so, you will have to begin rebuilding your credit to re-establish your financial life. If you retained any debt outside of your bankruptcy, such as a mortgage or auto loan, continuing to pay these debts in a prompt manner will help to restore your credit. You also may be able to get secured credit cards by putting up funds with a credit card company until you are deemed worthy enough to be given credit without doing so. Getting a personal loan or mortgage may be difficult and the attendant fees or rates may be high. However, as a person without debt, you have the opportunity to rebuild your life towards a new stability.

Fight for financial freedom!

If you are currently facing overwhelming debt to the point where you cannot see any way out of the mire, it is important to speak to Attorney Chenelle. Contact Attorney Chenelle today to schedule a free initial consultation.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.