Life After Bankruptcy

Bankruptcy can bring your relief from creditors

Life After Bankruptcy

Rebuilding your financial situation, including your credit rating, can seem overwhelming.  If you have recently filed for Chapter 7 bankruptcy or Chapter 13 bankruptcy, there is life after bankruptcy and it can be a good one.  The great advantage of life after bankruptcy is that you no longer have the burden of devoting much of your income to debts and you are no longer stressed by the constant harassing phone calls from creditors.  Life after bankruptcy can be rewarding for those individuals who strategize properly and commit themselves to taking advantage of the second chance bankruptcy can offer.

After a bankruptcy, you must become vigilant about your finances.  Creating a budget and prioritizing your expenses is a vital task that should be done immediately.  Your budget will help you manage cash flow and prevent you from unnecessary debt.  Your budget should also include a savings plan.  Paying your current bills on time must be your top priority.  Repaying your existing bills as agreed will be one of the most influential things you can do to restore your credit and your finances.

Separating the facts from fiction about bankruptcy is essential.  It is true that bankruptcy will remain on your credit report for up to 10 years; however it is NOT true that it will take 10 years to establish a positive credit rating. There is a false assertion that getting a credit card after filing bankruptcy will be impossible.  Most bankruptcy clients receive credit card offers immediately following their discharge.  There is also a myth that you will not be able to get a vehicle or home financed after filing bankruptcy.  On the contrary, there are many companies and lenders willing to approve mortgage loans or finance a vehicle after bankruptcy.  When your bankruptcy is discharged, you are a lower risk to creditors because you cannot file bankruptcy immediately again.  After filing for bankruptcy, you become more appealing to a prospective lender because you no longer have any debt.  With no debt, you are in a position to repay any new debt you obtain.  There is, without a doubt, credit after bankruptcy.  Do not allow your fear of not having credit in the years ahead prevent you from doing what will help you and your family get the peace that you deserve.  Bankruptcy can give you the “fresh start” that you need.

If you need to hire a bankruptcy attorney in Dothan or surrounding areas, Brock & Stout has you covered. Contact us for your consultation.

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We are a debt relief agency. We have successfully helped thousands of people file for bankruptcy relief under the bankruptcy code.
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