Life After Bankruptcy
Life After Bankruptcy
It’s hard to imagine what life will be like after exiting bankruptcy protection, but one thing you can look forward to is that your financial burdens will be eliminated. Whether you file for Chapter 7 liquidation or Chapters 11 or 13 reorganization in Georgia, you can rest assured that after emerging from your case, you can breathe a sigh of relief and know that your creditors will not be coming after you any longer.
Although you have a chance at a fresh start, the first year after exiting bankruptcy will undoubtedly be different than what you were used to. Bankruptcy filings stay on a credit report from seven to ten years, but this isn’t as bad as it sounds. Your lifestyle will not be the same, nor will your credit, however, within a year after you exit from bankruptcy protection, many credit card companies are willing to give individuals a clean slate. Several lending companies are willing to give individuals a chance at obtaining credit post-bankruptcy, as long as they work hard to improve their financial situation.
Because that first year can be a bit rough, it is important to learn how to save money. Theodore N. Stapleton can help you figure out a financial plan that is within your means so you can start saving and avoid incurring debt once more. Avoid spending more than you can pay off right away and learn to get accustomed to paying in cash. If you are given credit, spend only in small amounts and pay off your debts right away and in full. This will help you control your finances and show credit card companies that you are financially responsible. In turn, your credit line will begin to improve and your interest rates will start to drop. There are many consumers who exit bankruptcy and after a few years, their credit is actually better than it was pre-bankruptcy.
After a year of exiting bankruptcy, many debtors can actually qualify for a mortgage as well. Mortgages guaranteed by the Federal Housing Administration are permitted one year after consumers exit a Chapter 13 reorganization bankruptcy case. Chapter 7 debtors can expect to qualify for a mortgage around two years after exiting bankruptcy protection. Fannie Mae and Freddie Mac guidelines require debtors to wait from two to four years, which in this economy, is not bad at all.
For more information on what to expect once you exit bankruptcy, turn to Theodore N. Stapleton today to discuss your options. Mr. Stapleton will stand by your side, not only throughout the duration of your case, but long after it has resolved, and will always provide you with the facts, guidance and support you need to start over financially.
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