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Life After Bankruptcy

There is a prevalent myth that your financial life is irrevocably ruined after bankruptcy. This fear keeps many who are facing overwhelming debt from pursuing paths that can actually help them. In fact, many individuals or business owners who have successfully filed for bankruptcy say that their life has radically improved as a result. How can declaring bankruptcy make your life better?

Bankruptcy Means a Fresh Start

Bankruptcy is intended to help debtors start fresh without a mountain of debt, allowing them to rebuild their credit and financial life. Filing for bankruptcy does this by freeing debtors from debt. This does not mean that filing for bankruptcy automatically wipes your debt and gives you a “free pass.” Instead, bankruptcy frees you from many types of debt or reorganizes your debt so you can repay at least a portion of it before it is released. For example, Chapter 7 bankruptcy discharges most of your unsecured debt. Chapter 13 reorganizes your debts and offers you easy payments over a 3- to 5-year period. What is left after that time is discharged. Many say that life after bankruptcy is much better than life as a debtor. The relief of getting a fresh, debt-free start cannot be understated. One of the immediate benefits of filing for bankruptcy is placing a hold on your case so creditors can no longer call and harass you to repay your debt. Life after bankruptcy is an important time to revamp your finances. There are certain areas you will want to focus on, like restoring your credit. For example, use a secured credit card for minor purchases that you can pay off completely each month. You will want to carefully budget and manage your finances and avoid incurring more debt.

Relief from Debt with Bankruptcy

If you are facing overwhelming debt, bankruptcy could be the solution. The attorneys at the Oswalt Law Group in Phoenix are happy to discuss your current situation and offer you viable legal options for overcoming your debt. Bankruptcy can give you the opportunity for a fresh start, so it is worth your time to discuss its viability with an experienced and knowledgeable bankruptcy attorney. The team at the Oswalt Law Group are here to help you begin rebuilding your credit and finances and help you get out from under a mountain of debt. Contact one of our bankruptcy lawyers today for more information about filing for bankruptcy and how it can give you a fresh financial start.    

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