Life After Bankruptcy
Kansas Bankruptcy Lawyer
Much has been said about the negative aspects of life after bankruptcy. Without doubt credit can be difficult if not impossible to obtain and anything gotten would be at considerably higher rates. Because credit reports are used in so many areas of life today it is entirely possible that efforts to lease a home or even seeking employment can be negatively impacted. But this is not a fair look unless one also considers that anyone who files for bankruptcy has been struggling with impossible debts for at least two to three years. Without bankruptcy this struggle could easily extend for years into the future and almost certainly will damage one's credit rating. There are many aspects to life after bankruptcy that a Kansas bankruptcy attorney will be able to discuss within you during your initial consultation.
The biggest relief comes with a Chapter 7 bankruptcy as most, if not all, of your unsecured debt has been eliminated and you are very free to start life anew. A Chapter 13 will require a repayment of debts under a court approved plan. This means that your disposable income will be under court control until the debts have been repaid and any new debts or significant changes will require court approval. This will mean restrictions on your life as well as probably paycheck garnishment but the creditor calls will have stopped and in most cases the debts have been reduced significantly.
Much has been said about the negative impact on your credit. While this is always the case it is also true that many have seen their credit trashed long before a bankruptcy. However when the debts have been eliminated you now have the opportunity to build cash reserves, to create a new financial future and rebuild your credit over time. Usually within 6 months one can obtain a secured credit card and often with a year offers for other cards are received.
As credit is initially not so much a part of one's life this gives many the opportunity to build a different path for themselves and so protect themselves against ever having to experience similar financial troubles again.
Much of the benefit of a post-bankruptcy future depends upon the severity of your current situation. The best move to make is to contact a
Kansas Bankruptcy Attorney
to discuss how a bankruptcy could resolve your debt problems.