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What is Life Like After Chapter 7 Bankruptcy?

Many people deep in debt wonder what their life will be like after filing Chapter 7 bankruptcy. They may be afraid that they will be left penniless, unable to afford even the most basic things in life. They worry that they situation will be far worse after filing. The reality, however, is much different. For people in serious debt, bankruptcy might the best decision to make. A Chapter 7 bankruptcy lawyer can answer any questions you may have and work to find a solution to your debt problem.

One common fear is that the debtor won’t have access to credit anymore. They worry that they won’t be able to buy a car, a home, or obtain a credit card after filing. The truth is that filing bankruptcy might actually make you MORE credit worthy than before. Bankruptcy shows creditors that you are trying to deal with your debt in a responsible manner. It shows that you want to get your financial life back on track and are doing everything possible to make this happen.

Of course, the interest rate will likely be rather high after bankruptcy. Therefore it may be wise to wait for a year or so before obtaining that line of credit. And for mortgages, a person has to wait at least two years before obtaining an FHA loan. While it will take time for a debtor to rebuild their credit, it is entirely possible to get back on firm financial footing.

At Westbrook Law Group, we know how difficult it can be to deal with overwhelming debt. We understand how frustrating it can be for clients in St. Charles and Troy, MO, to deal with creditor harassment, collection activities, and more from people looking to collect. We will do everything possible to find the right solution for your debt troubles. For a free consultation to discuss your debt problems, contact Westbrook Law Group right away.