If you have spent many sleepless nights worrying about what the financial future holds for you and your family, then the idea that there is a light at the end of the tunnel may seem more like fiction than fact. Right now, you may not even be able to see a speck of illumination in the tunnel, let alone a full-blown exit.
However, be assured that that there is indeed life after bankruptcy — and it likely going to be far more positive and liberating than you imagine. Yes, we know this may sound difficult (or perhaps impossible) to believe. But we have over 30 years of experience in filing consumer bankruptcy cases, during which we have had the privilege of supporting thousands of clients every step of the way through the bankruptcy process. For so many of these good and honest people, the only regret they had is that they did not file for bankruptcy sooner.
To give you a sense of what is in store for you, here are some of the things you can expect in your life after bankruptcy:
- Your credit score will start to recover — and rather quickly. This is because filing for bankruptcy will likely wipe out debts that have been lowering your credit score for several months.
- You will not be forced to buy everything in cash. Immediately after filing, you can apply for a secured credit card. In a few months, you can obtain a conventional credit card. As long as you don’t exceed 25% of the available credit limit at any given time, and that you pay your full balance each month, then your credit score will continue rising and you will qualify for a car loan, mortgage (learn more here), and so on.
- Your court-appointed bankruptcy trustee will file two tax returns for you during the year of your filing. After that, you will be back in control of filing your own taxes, and do not need to share your private tax information with anyone except good old Uncle Sam.
- You will be free to sell, give, or dispose of any assets that are in your possession. You do not have to get the approval of the court or creditors.
- You will not be barred from renting a home or getting a job. These are myths that debt collectors want you to believe, because they don’t want you to file for bankruptcy. Once you do that, they must cease all communication with you (i.e. no more threatening letters and phone calls), and they must also wait in line with all other creditors — which is something they definitely do not want to do, because it almost certainly means they will get less money and have to wait longer vs. squeezing or shaking it out of you directly. To learn more about renting a home after bankruptcy, click here. To learn more about getting a job after bankruptcy, click here.
- You will probably not need to rehabilitate your public reputation. Unless you are a celebrity or have a very high-profile job (e.g. politician, athlete, etc.), very few people are going to know or care about your bankruptcy filing.
The Bottom Line
Not only is there life after bankruptcy, but for over a million people a year across the U.S., it is a much better and far less stressful life, too. Remember: bankruptcy is a PROTECTION, not a PUNISHMENT. If you begin looking at it this way, then you will start to see the light at the end of the tunnel.
To learn more, contact the Law Office of Charles H. Huber today. As noted above, we have been helping individuals file consumer bankruptcy cases for more than 30 years. We will help you make it through the process, and into your stronger, better and happier life ahead!