“Bankruptcy.” The word alone may send shivers down your spine. No one wants to go through bankruptcy, but sometimes, it is essential to a person’s livelihood and well-being. But why does bankruptcy make people cringe? Why does the thought of declaring bankruptcy immediately make people fear what their life will be like after the bankruptcy?
Part of this fear is the concept that bankruptcy is “rock bottom” or that it is somehow “giving up” in the grand scheme of life. To the contrary, bankruptcy is not giving up. It is not rock bottom. Bankruptcy can actually save certain valuable assets that you have, letting you push forward and start a new financial life for yourself with your most treasured belongings.
When you think about life after bankruptcy, you probably conjure up images of a person who can’t get a credit card, can’t buy a car or a home, and generally just can’t get his or her finances together. It’s a cliche that has become accepted fact — bu this simply isn’t true. Plenty of people file for bankruptcy, get through the process efficiently, and then go on to live fulfilling lives with credit cards, a car, a home and many other normal financial responsibilities.
Of course, you will still have to live with a bankruptcy on your record. It will stay on your credit report for 7-10 years. You will also have to be diligent about turning your financial life around.
However, bankruptcy can really be helpful for people who are stressed out and buried in debt. Life after bankruptcy isn’t the horrible, scary life that many people make it out to be. You can turn things around thanks to bankruptcy, and consulting with an experienced bankruptcy attorney can go a long way towards making your life after bankruptcy a positive one.