Why People Are Afraid
Bankruptcy is one of those words and concepts that inspire fear in many people, because of the uncertainty of life after bankruptcy. Most people who are in dire financial situations only know about the bad things and their biggest shared fear is that they believe there is no way they can regain their credit status and a stable financial situation after filing for bankruptcy.
The truth about life after bankruptcy is that you can recover financially and you can regain your credit status. The best things about having this knowledge are that:
- You can plan your recovery before filing.
- Incorporate this plan into your bankruptcy repayment plans.
- You realize that you can take measures to ensure that your credit score will recover after bankruptcy.
Time for Recovery
When you realize that it is possible to get back to life after bankruptcy and you decide to make a plan, you can take the right measures. First and foremost, you need to realize that your credit score has already been affected by your outstanding medical debt, mortgages, credit card debt, and other secured and unsecured debt. After you file for bankruptcy, you will become eligible to receive credit again after a period of time.
Once you have gone through the bankruptcy procedure and you have repaid or eliminated your old debt many creditors feel that you are an acceptable risk for credit. After going through the credit counseling course and the financial management course, you will be more qualified to receive a new line of credit.
Life after bankruptcy can include buying a home, a car, and having credit cards. The key is to use them wisely and learn from your bankruptcy.
Ask us about the credit rebuilding program we offer to our clients at a huge discount! We are committed to helping our clients get back on their feet.