We Can Help You
Is There Life After Bankruptcy?
Even in the face of overwhelming debt, many people refuse to file bankruptcy for fear that it will ruin their lives. They believe that they will lose everything they own. They believe that they will never be able to get credit again.
In reality, bankruptcy was developed to help people, not hurt them. If handled correctly, it can help people overcome debt and get their lives back on track financially.
You Will Not Lose Everything In Bankruptcy
In theory, Chapter 7 bankruptcy requires that assets be sold in order to pay debts. In practice, however, there are many exemptions. Most people who qualify for Chapter 7 have little or no property that is not exempt. Those who do have nonexempt property may be able to file Chapter 13 bankruptcy, which allows for the creation of a plan to repay debt and keep all property.
You Will Be Able To Get Credit Again
Most people considering bankruptcy have already taken a major hit to their credit score. While it is true that bankruptcy can stay on a credit report for up to a decade, it also allows people the opportunity to rehabilitate their credit rating. With old debt discharged, people will be more likely to pay off any new debt in a timely manner. People are often surprised at how soon they start to get credit card offers after their bankruptcy discharge. Many are able to purchase cars on credit and even buy or refinance a home sooner than expected.
Everyone’s Situation Is Different
The truth is that everyone’s case is different. In order to understand how filing bankruptcy will impact your life, it is important that you discuss your case with an experienced lawyer. At Wm. Barry Phillips, P.C., we have spent decades helping people overcome debt and reach new beginnings through bankruptcy. In a free consultation, we will be happy to examine your situation and show you that there can be life after bankruptcy.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.