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What Happens After Bankruptcy?

On Behalf of | Dec 6, 2016 | Bankruptcy

There are many misconceptions about the bankruptcy process, and these ill-informed opinions are a large reason why people refrain from seeking much-needed relief through bankruptcy protection. You may not know a lot about bankruptcy, but for many people facing overwhelming debt, it is a reasonable, beneficial choice.

If you are considering this step, you may be wondering about what will happen to your life after the initial filing and once the process is complete. Knowing what to expect can make the bankruptcy process easier, and you can find the support, guidance and information you need by reaching out to an experienced Ohio bankruptcy attorney.

Rebuilding your credit and other important information

For many applicants, bankruptcy provides the opportunity to reduce, discharge or eliminate certain types of debt. Bankruptcy will also halt creditor contact and threats of foreclosure or repossession. In addition to these benefits, it is wise to know how this decision will impact your life after you file and later emerge from bankruptcy protection:

  • A bankruptcy filing will remain on your credit report for seven to 10 years. However, you can work to rebuild your credit after you file.
  • You will not have to surrender everything you own, but will likely be able to keep some valuable assets, personal property, real estate, household items and retirement savings.
  • If your credit score was already low, bankruptcy may provide you a needed opportunity to repair and rebuild it.
  • The stress of creditor harassment will stop once you file, and it can provide you a chance to have a fresh start.

Filing for bankruptcy is a serious decision, and you should only make that choice after careful consideration and with the guidance of an attorney. A complete case evaluation will determine if this is the right step for you.

You can have a stronger financial future

There is nothing more stressful than having overwhelming debt and no way to pay it. Fortunately, there are legal ways to confront debt and move toward a stronger financial future, but bankruptcy may not be the best choice for every individual. Every person should seek a thorough and honest evaluation of their legal situation in order to understand what options are available and take the steps best suited for their individual situations.