What to Expect After a Personal Bankruptcy

For those who find that filing for bankruptcy protection is the right move for them and their family the first thing most often experienced is an enormous sense of relief. The contrast between being constantly behind on payments and being absolved of virtually all debt can be extremely freeing. Finding it necessary to file for bankruptcy does not mean you are a bad person. The stress and feelings of being trapped can weigh heavily on an individual and their outlook on their future. Being underwater on a mortgage, falling behind on loan payments, overwhelmed by credit card bills, car payments and any number of other bills and payments can make life bleak. Many who are considering filing for bankruptcy or have chosen to do so rarely do it without due consideration. One of the things most people want to know is, "What happens after going through a bankruptcy?"

Consulting with a bankruptcy lawyer is the best way to fully answer this question in regard to your specific circumstances but there are some general things that everyone will experience. A bankruptcy, whether Chapter 7 or Chapter 13, will be a hit on your credit report and getting unsecured lines of credit can be difficult. But this will not last forever! It can take some work and clever management of personal finances but eventually you will be able to restore your credit. Offers of credit may slowly make their way back to you, especially if you can work out ways to save up for a down payment on a car or home. The larger the down payment, the more likely you will be approved. Once you establish a history of consistently making payments on one thing, your credit standing will start to come up again and more and more avenues will become available to you. The ultimate trick is, of course, doing everything possible to avoid getting in the same hole you were in before you filed for bankruptcy.

Bankruptcy Attorney for Orange County

Contact our dedicated team at 1st California Law today to schedule a time to meet with one of our skilled attorneys about your financial situation. We have helped clients with all types of cases including bankruptcy, bankruptcy alternatives, foreclosure defense and more. It is important to remember that bankruptcy laws exist to help people who have found themselves overwhelmed by debt get back on their feet. We may be able to help you and your family get on the road to a brighter financial future!