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Life After Bankruptcy
What Will My Financial Life Be Like After Bankruptcy?
Many people have questions about what happens post-Bankruptcy and how filing Bankruptcy will affect their lives and their credit, both in the near and long term. For those facing overwhelming debt, filing Bankruptcy is often the best and most efficient solution to improving their financial outlook.
Chicago Bankruptcy Attorney Frank G. Cortese has been helping individuals and families for more than 29 years determine whether filing Bankruptcy is the right solution for them and providing advice regarding what to expect after the Bankruptcy process is complete.
Will All My Debt Be Gone After Filing Bankruptcy?The most immediate effect of filing a Chapter 7 Bankruptcy is that most of your unsecured debts will be discharged. This includes credit cards, medical bills and personal loans. You will no longer be burdened with struggling to make those minimum monthly payments. If you choose to file Chapter 13 Bankruptcy, your debt will be re-organized and you will create a repayment schedule with the court based on your income and debt.
How Can I Re-Establish My Credit?Once you’ve eliminated your bad debt several practical questions arise, including: Can I qualify for a new credit card? Can I get a mortgage? Can I buy a car?
The good news is that many creditors see filing for Bankruptcy as a positive step in gaining control of an out of control financial situation. They see that you are ready to move forward and repair the damage from overwhelming debt and late payments. Under many circumstances, credit card companies will provide you with a credit card. Using your new credit card wisely will help rebuild your credit, a necessary step for purchasing a home or car.
Chicago Bankruptcy Attorney Frank G. Cortese will walk you through the process of how Bankruptcy will affect your life and help instruct you on how to get back on track after Bankruptcy. He understands that filing Bankruptcy is the first step to your bright financial future. Call Chicago Bankruptcy Attorney Frank G. Cortese for a Free Consultation if you have questions regarding Bankruptcy or any other debt relief solution.