In my years of practice as a Mettawa bankruptcy lawyer, one fact remains constant. Most debtors always want to have a credit card. It amazes me when someone comes to see me for the first time and they are struggling financially, they may be carrying $50,000 or $75,000 worth of debt. One of the things they will say to me is I have A-1 credit. I have such and such credit score. Now, I always retort well, it doesn’t really matter what your credit is right now. It really doesn’t matter what your credit score is right now. What matters is that you are in my office because you are struggling financially and you are carrying a ton of debt. You are carrying the weight of the world on your shoulders despite the fact that you are making the minimum payments, despite the fact that you may have good credit, despite the fact that you may have a good credit score. All of that is nice but not when you are struggling with $75,000 worth of debt. I would rather see my clients get out of debt, claim bankruptcy, eliminate the financial nightmare, lose the credit cards and have a bankruptcy on their credit report because I know things are going to improve financially. I know they’re going to get offers for credit again. I know they’re going to get houses again. I know they are going to have a good financial situation going forward once they eliminated their debt.
Over 20 years of practicing I have seen time after time clients rebound after filing Chapter 7 bankruptcy. Some clients rebound very quickly after a bankruptcy. Others it takes a little bit longer because they still haven’t gotten their financial situation under control moving forward. However, I do get plenty of calls from prior clients every month saying can I have a copy of my discharge paper? Whenever they call and ask for their discharge paper, I know exactly what’s happening. They are applying for credit somewhere and that lender wants to see proof that there bankruptcy case has gone through to completion. I always say to the clients good to hear that you are doing well; good to see that you are getting back on your feet. Just make a sound financial decision with whatever kind of financing you are trying to obtain.
I also have many clients who call me periodically and let me know that they have purchased a house and they have purchased the car and things are going real well for them after the case was filed. And they thanked me for the service. They thank me for the effort that I put in and the education that I gave to them so that they don’t have to struggle financially ever again.
If you can live within your means, if you can make smart financial decisions, if you can avoid some of the traps that are out there, you can rebound after a bankruptcy. You can get credit again. You can get back on your feet and you can be another one of the success stories that I have had the privilege of being a part of over the prior 20 years. For those that seek alternatives to bankruptcy, keep in mind that it may be best to just start anew.