Life After Bankruptcy
Getting a Fresh Start
There are many advantages to filing for bankruptcy that can make this legal remedy a good solution to debt problems. Once your petition has been filed, the court will order all collection activities to cease, including repossession, foreclosure and wage garnishment. If you qualify for Chapter 7, your non-exempt assets will be liquidated, and any remaining debts discharged. In a Chapter 13, your debts will be eliminated by restructuring your creditor payment plans. A restructuring plan typically ends within a three to five year period, after which any remaining monies that are owed may also be discharged.
Some people that can benefit from bankruptcy avoid this option because of the false information they have regarding the bankruptcy process and concerns about the impact a bankruptcy will have on their credit report. Filing for bankruptcy can actually bring considerable relief to individuals that have been struggling financially. It will stop phone calls and letters from creditors, and prevent the loss of their assets. A Yakima bankruptcy attorney can explain how bankruptcy works in detail and what life will be like after your bankruptcy case has concluded. An experienced bankruptcy lawyer will be able to dispel any bankruptcy myths you have heard so that you can make an informed decision regarding your finances.
Yakima Bankruptcy Lawyer
A common myth about bankruptcy is that it will prevent you from obtaining credit in the future. The truth is that once your bankruptcy petition has been approved, you can start rebuilding your credit by taking steps such as:
- Acquiring a secured credit card
- Opening up a savings account
- Paying all of your remaining bills on time
It may take some time to rebuild your credit, but by following some very specific steps, your rating will eventually improve. An attorney from Eastwood Law can provide whatever information you need regarding bankruptcy so that you have accurate data and know how filing a bankruptcy will affect your life. We have guided many clients through the bankruptcy process and will make sure your interests are fully protected. Our firm can also give you advice on how to rebuild your credit and take advantage of all of the benefits that bankruptcy has to offer.
Contact a Yakima bankruptcy attorney for qualified legal advice and resourceful representation if you are burdened by too many debts.