What to Expect from Life after Personal Bankruptcy?

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What to Expect from Life after Personal Bankruptcy?

Filing for bankruptcy is a decision that is not made easily. Not only are you struggling to make financial ends meet but you also have to provide bankruptcy courts and lawyers with details of your finances for a duration of 6-9 months or more. You are also expected to meet all the obligations of the court. Not only are your finances under supervision but you are also constantly worrying about the status of your personal bankruptcy case. All of this causes excessive mental stress on people and they are often looking forward to this dreaded chapter of life to end so that they can start afresh. However, it will be wrong to assume that life will change drastically after bankruptcy.

Los Angeles based law firm Recovery Law Group has been instrumental in helping many people through their personal bankruptcy. They help them with the various options available to them, guide them through the entire process as well as handling all legal work. They help clients to obtain a fresh financial start. Bankruptcy can be a life-changing tool, however, it isn’t easy to manage the finances. The legal team also guides clients with knowledge and guidance for dealing with financial freedom.

Get a Fresh Start

It is not easy to lead life after a bankruptcy as people do not find it easy to get rid of their fears and anxiety. Most of the times people fear that they will be blacklisted and never be able to procure a loan or get a credit card or be judged for filing for bankruptcy. However, this is a wrong approach towards life after bankruptcy. It is important to remember that debts that are discharged at end of Chapter 7 and Chapter 13, apart from payments made towards the debt as per the repayment plan provide a clean slate for people to start afresh and save money.

Apart from this, it is important to note that bankruptcy does not affect your credit permanently. When you make diligent efforts to take financial responsibilities and make payments on time, even people who have filed for bankruptcy can obtain loans and credit cards. Though any information about personal bankruptcy is a public record, it is highly unlikely that anyone will go through court records to find out about you or your bankruptcy. Bankruptcy can be taken as an initiative for improving your future. Instead of worrying about your reputation, you should make efforts to build your finances.

Get over your fear of creditors, once you are through with bankruptcy. You can live your life without worrying about demanding phone calls or threatening emails or harassment from debt collectors. You can get all this and more after going through with personal bankruptcy. With automatic stay in place after bankruptcy filing or when your debts are discharged; creditors won’t be able to make any initiative regarding collection. It is important to prepare yourself for life after bankruptcy. Learn from past mistakes and practice restraint while spending while building your finances. Since bankruptcy was created for helping unfortunate debtors and not to punish them, it should be seen in a positive light.