There is Life After Bankruptcy. Many people in Pennsylvania face filing for bankruptcy every year. Along with declaring bankruptcy, these PA residents have to face life after filing for bankruptcy.
Simple answer, Yes. But it may be a lot different than what you may have been told. There are many bankruptcy myths out there regarding how things are after filing chapter 7 or 13 bankruptcy in Pennsylvania.
Filing a bankruptcy is a major decision. Your credit will initially take a major hit; however, you will be able to repair and rebuild your credit over time. You have to determine if the benefits of filing bankruptcy outweigh the hit that your credit is going to take once you file for bankruptcy.
Additionally, getting a loan of any kind after filing bankruptcy will be extremely difficult for the next couple years. Although, it is possible rebuild your credit and increase your credit score by getting secured credit cards or some types of loans in the first 12 months after filing. Other types of bigger purchases or loans may not be an option until after 12-24 months after filing. For example, a home or a vehicle may not be an option until after 12-24 months after filing.
However, there are higher risk credit options that are available to many people after bankruptcy. These credit lines come from finance companies that charge exorbitant rates of interest. These are not the best options as high interest credit is not the best method of achieving a positive life after bankruptcy.
One of the best things that you can do to rebuild your credit; especially, after bankruptcy is to get 3 lines of credit. For example, 3 credit cards and make timely payments on each account. Lenders and other who may extend you credit see you as a bad risk because you’ve legally written off at least some of your past debts. Believe it or not, credit cards will be easy to get after filing for bankruptcy. The credit card companies know they can charge you high interest rates. Plus, credit card companies view people who have filed for bankruptcy as a safe debt risk as these people just filed for bankruptcy protection and usually can’t file for bankruptcy again for 8 years. Thus, the credit card companies know you won’t be able to file bankruptcy on them and will offer you a credit card.
Of course, it will take a lot of work and dedication to improve your credit after bankruptcy. However, if you change the bad habits that led you to bankruptcy, your life after filing bankruptcy can be better. Our bankruptcy lawyer knows that life doesn’t end when you file for bankruptcy.
After bankruptcy you are pretty much debt free. The best thing to do after bankruptcy is getting expert legal advice. Understanding bankruptcy and it’s benefits allows you to get all the advantages of bankruptcy. For example, in bankruptcy there is discharging most unsecured debts, possible exemptions of assets, and the “fresh start” afforded by filing. There is also the feeling of relief that ridding yourself of debt provides.
Your Pennsylvania bankruptcy case does not end with your discharge at our law firm. Our bankruptcy attorney, Sean Quinlan, will help you understand the means by which you can improve your credit and better your life after bankruptcy. Call 717 724-7503
for a free consult.
Checking your credit score regularly will help you see the progress as you improve your credit and life after bankruptcy. There are many options to checking your credit score. Many credit cards such as capital one credit card include a free FICO score and credit update . There are also free options available to check your credit scores such as Free Credit Score.com. Our Pennsylvania Debt Relief team suggests taking advantage of these options. Watch as your credit score rises and your confidence builds as your Life After Bankruptcy in Pennsylvania happens.
When you file for bankruptcy in PA, you are required to attend bankruptcy counseling by an approved organization; you can do these classes on-line. The more you understand about Chapter 7 and Chapter 13 bankruptcy, the better you are equipped to make decisions about your financial future. These credit counseling classes provide education that can improve your life after bankruptcy in Pennsylvania.
Pennsylvania Bankruptcy Lawyers will help you make the transition from being in debt – to – eliminating debt through bankruptcy- to -life after bankruptcy. Part of the bankruptcy process at our firm is giving you the information you need and providing a good understanding of bankruptcy.
Our law firm wants to provide you with the feeling of comfort and the tools necessary to rebuild credit. You may need help to stay out of financial trouble after a discharge. Creating and following a realistic budget, for example, will help you get started on your new life after a bankruptcy. Let us provide you with the steps to ensure that your credit score can improve.
