Life After Bankruptcy: What To Expect
Not so long ago it seemed like filing for bankruptcy was the end of the world. The social stigma associated with going bankrupt kept many people that needed the benefits the bankruptcy laws have to offer from filing a case. Debtors were also afraid to file because they felt like bankruptcy was a hole that was too hard to dig out of after the fact. So, many deserving people missed out on overcoming burdensome debt and getting back on their financial feet, for no good reason. This is not the story today, and the thoughts on bankruptcy have loosened.
The purpose of the bankruptcy laws is to give the honest, but unfortunate, debtor a fresh start. It can be hard to manage debt when you are constantly fending of collection calls, or worried about how to make ends meet. Bankruptcy can give you a chance to breathe and regroup, which allows you to start over and reach your financial goals. Take a look at what you can expect after bankruptcy:
- Eliminating debt gives you the chance to save for emergencies. With more disposable income available, you can start a savings account or put money aside for repairs or other necessary things.
- Your bankruptcy filing will be on your credit, but your credit score may not drop as much as you might expect. You will also be able to take out new loans and credit cards, and doing so can help to rebuild your credit if you make the payments on time or pay off the balance in full every month.
- After filing for bankruptcy, your stress level will significantly decrease. Without having to live paycheck to paycheck, or not have enough to pay all of the bills, you will be able to relax and focus on more important things such as your work and your family.
There is no shame in filing bankruptcy, and it can be enormously helpful. Most times the decision to file is the hardest part of the case. Once you have made that choice, you can expect a fresh start and a new lease on life.
Call a Plantation, Florida debt relief attorney today for more information about what to expect during and after filing for bankruptcy. We have helped others, and are here to help you too.