If you are being hounded by your creditors, if you find your mailbox full of bills that need to be paid or are overdue, if your crushing debt burden is affecting your daily life and you see no way out of it, then the prospect of filing for bankruptcy may seem like the light at the end of the tunnel. While this is very encouraging, is life after bankruptcy as rosy as it sounds?
Well, the answer is both yes and no - remember like any other choice that you make in life, filing for bankruptcy also has its upside and downside. The upside is that your debts are eliminated and you don't need to worry about the mortgage on your house being foreclosed by your creditors or having your utilities turned off due to unpaid bills as your creditors will need to freeze all collection efforts right away. if you maintain fiscal discipline afterwards, then life after bankruptcy can be largely trouble free.
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The downside is that regardless of whether you file for bankruptcy under chapter 7 or chapter 13, the fact is reflected on your credit for the next 7-10 years. Your credit score will be adversely affected and you may have to bear a higher interest burden for any loans that you may qualify for.
Once your debt burden reduces and you remain debt-free or carry a low debt burden, you can expect your credit score to slowly improve. Buying a home is a very realizable dream in your life after bankruptcy. There are several cautionary measures that you may have to take, such as opting for secured rather than unsecured credit cards or if you an unsecured credit card is your only option, you could choose a low limit card rather than a high limit one. You need to make your bill payments on time to ensure that your credit score doesn't decline.
Remember that you cannot file for bankruptcy for another eight years, so it is important to make sure that you don't fall into a debt trap again.
If you have decided that the downside of filing for bankruptcy is more than offset by the prospect of freedom from debt in life after bankruptcy, you need to get a good bankruptcy lawyer to help you through the filing process. Once your affairs are in the hands of a capable attorney, you can look forward to improving your financial situation.
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