How To Rebuild Your Life After Bankruptcy
Many people dealing with insurmountable debt are afraid of bankruptcy. They feel that bankruptcy would ruin their reputation, ruin their credit and destroy their future. Filing for bankruptcy would feel like “it’s all over.”
At Badgley Law Group, we are experienced bankruptcy lawyers, and we have seen firsthand that people can and do rebuild their lives after obtaining bankruptcy financial relief. You can rebuild, and we can help you. Our attorneys have a thorough understanding of bankruptcy and how people start over with debt relief and rebuild their financial lives. We serve clients in Orlando and throughout central Florida.
Some Things To Know About Your Post-Bankruptcy Credit Rebuild
There are a few things you need to understand about how to rebuild your credit and your life after bankruptcy:
- The process is not fast or immediate: For the most part, it takes some time to rebuild trust in the credit market that you are a safe risk. Filing for bankruptcy will have an immediate negative impact on your credit score. However, with your debt liquidated or reorganized in a Chapter 13, you will be able to avoid getting buried in debt again and your credit can be rebuilt over time.
- It is important to start small: Before long, you will likely see some credit offers extended to you. By careful and strategically taking on a small, manageable amount of credit, you can reestablish trust and rebuild your credit score.
- Keep up your payments: Staying up to date on payments with your new line or lines of credit is critical to successfully rebuilding your credit score after bankruptcy. Missing some payments would lead to the same credit problems that caused you to seek bankruptcy relief in the first place, and missing payments would result in loss of any gains you could accomplish in your credit rebuilding efforts.
With patience, planning and execution, you can rebuild your credit so that you can buy a car, a new home or whatever else you need. Our attorneys are here to help you make that dream come true.