I am often meeting with clients when they ask, is there life after bankruptcy?There is definitely life after bankruptcy and usually a pretty good life. Take a scenario where someone comes into my bankruptcy law office and they are struggling financially. They may have credit card debt, medical bills, personal loans, auto repossession deficiencies, mortgage foreclosure cases and they are just flat out struggling financially. I as a bankruptcy attorney can help turn their life around by filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
A lot of people are hesitant on claiming bankruptcy because they are worried about how their life will be after they actually make the decision to file. People are worried about future credit. People are worried about getting a house. People are worried about financing a vehicle after bankruptcy. People are worried that the fact that they filed bankruptcy is going to stay on their credit report for 10 years and cripple them for the next decade.
The truth is, there is a great life after bankruptcy if you take advantage of the opportunities that are out there for you. For example, you can get credit after a bankruptcy case simply by applying for said credit, making the required minimum monthly payments and possibly turning that secured credit card into an unsecured credit card. You can also purchase a vehicle immediately after filing Chapter 7 bankruptcy. Finance companies know that you cannot file again for eight years and they’re willing to take a chance on you. The interest rate and the monthly payment may be higher than someone who never filed for bankruptcy but you are at least given an opportunity to make good on a debt by making monthly payments on a vehicle.
Another thing that people are concerned about and the question arises is there life after bankruptcy is based upon the fact that the bankruptcy filing will stay on the credit report for 10 years. I advise my clients not to be concerned about the length of time that the bankruptcy filing stays on your credit report. You will get offers for credit despite the fact that you have filed bankruptcy. You will be able to purchase a vehicle immediately after filing a bankruptcy case. You will be able to purchase a house within two years of filing a bankruptcy case. The mere fact that you filed bankruptcy and the mere fact that it sits on your credit report does not prevent lenders from taking a chance on you provided you are making positive steps going forward. Your local bankruptcy lawyer should be giving you this information in advance of filing your case.