Many people have the incorrect notion that life after bankruptcy is over. This is not true. Ask any attorney specializing in Bankruptcy in Dallas TX and he will say one fact. Though immediately after the filing, it may be rocky, but in the long term, it can turn out to be a wise money management move.
How life changes after bankruptcy filing?
A Chapter 7 bankruptcy filing will impact your credit score for 10 years after filing. For Chapter 13 filings it is 7 years. But this is necessary rather than the other alternative of running from creditors and avoiding their phone / face to face interactions. Plus the stack of unpaid or due bills will go down substantially in a life after bankruptcy.
Imagine if you filed for bankruptcy in 2010, you would be free by 2020. You can start re-building your credit again after 2020. But if you don’t file even by 2020, the future beyond 2020 may look bleak. So, the earlier you sort this out, the better your future will be.
You need to be on top of all repayments and try to live within your means. This will instill confidence in lenders’ minds to extend credit to you again after filing for bankruptcy.
To sign off
As many experts in Bankruptcy in Dallas TX would corroborate, bankruptcy is not the end of life. It rather marks a new beginning. So keep your chin up and make a new financial start after filing for bankruptcy.
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