Being a Round Lake Park bankruptcy attorney is a great job in that it’s satisfying. Being a bankruptcy attorney means that you get to help people get out of debt. Someone comes into my office, they’re struggling financially, medical bills, credit card bills, personal loans and they are under an extreme amount of stress. I can basically turn their life around in a matter of days oftentimes if they want to file a Chapter 7 bankruptcy case.
One of the things that prevents people from filing Chapter 7 bankruptcy is they’re worried about future credit. I like to tell my clients to not worry about future credit because it will be there for you if you want it.
Many people come into my office and they tell me they have perfect credit. They have a score of 700 and something but yet they’re struggling with $75,000.00 worth of credit card debt. I tell these potential clients it really doesn’t matter what your credit score is. It really doesn’t matter that you have A-one credit. What really matters is that you’re struggling financially. You’re carrying the weight of the world on your shoulders despite what your credit report or your credit score might say. I would rather my clients get out of debt under Chapter 7, eliminate the debt and rebuild after filing a bankruptcy.
Did you know that you can purchase a home two years after filing a Chapter 7 bankruptcy case? Did you know that you can purchase a vehicle immediately after filing a Chapter 7 bankruptcy case? Did you know that you will get offers for credit cards within two months of filing a Chapter 7 bankruptcy case? This is true because creditors know that you can’t file under Chapter 7 again for eight years. These creditors are hoping that you fall back into the same trap of taking advantage of credit and not being able to make the minimum monthly payment or the high interest fees. So be leery of creditors that are trying to get you into debt immediately after a bankruptcy filing.
I like to recommend that my clients go on a cash basis for six months to two years after filing a bankruptcy case. Studies have shown that people spend less money when they actually have to spend cash money as opposed to credit. People are eager to pull out their credit card and they overcharge on the credit cards whereby, if they were paying cash, they would not overcharge.
There is life after bankruptcy. There’s typically a very good life after bankruptcy and you’ll be in good hands provided you hire a competent, skilled, seasoned bankruptcy lawyer to help you with your case.