Leonardi Sola

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Life after Bankruptcy

Credit when done with bankruptcy

Many people who are going through bankruptcy problems find it difficult to file for a bankruptcy since they are fearful of what life can turn to be. Most are afraid that they may never get a credit card or even a car loan once they have filed for bankruptcy. The worries are very many. Although situations might change from individual to individual, bankruptcy does not imply you won’t be able to receive your credit.

Even though it is true that Chapter 7 or Chapter 13 of the bankruptcy will remain on your credit report for let’s say 10 years, in most scenarios it will not impact you for anywhere close to that. For instance, we have witnessed clients purchase their cars in a few days after they have completed a Chapter 7 bankruptcy. We have also seen clients get finance for their houses while they have Chapter 13 bankruptcy resting on their back. You can get in touch with TBC for quick debt relief services as well as affordable debt and allow our lawyers to provide you with the options.

What next after you file?

First, you will need to go and attend a debtor education program just before your debts get detached. This move generally can cost about $50. You will be taught how a person can get into debt, how you can keep getting back into debt and some of the ways of budgeting. Make sure that the course you select should be certified by the U.S Trustee. Your TBC attorney should help you get one which will work best for your schedule.

Is your credit card a friend or foe?

Consider a client with $3,000 worth of credit card debt discharged after filing for Chapter 7 bankruptcy. Immediately after that, the bankruptcy firm which represented the client receives a credit card application from the same company to request them what happened. After all, no one would prefer to lend a person they have already lost over thousands of dollars.

The lesson here is; the credit company generate a lot of money from customers who get into debt. In the above situation, the company had lost thousands of dollars on this client and they felt like they could get some cash by getting into another debt.

Do I need a bankruptcy attorney?

Even though it is possible to fill out a bankruptcy petition without the need of a bankruptcy attorney or lawyer, it is important to involve a bankruptcy attorney who shall fill out the petition form and file it in court for you.