The truth is that bankruptcy laws were created to help consumers. After filing bankruptcy, you will likely feel relieved.
However, many people who are thinking about filing are worried about what happens AFTER they file. They've heard all kinds of rumors, such as, "You can't get credit for ten years after bankruptcy." This is WRONG.
Shortly after filing bankruptcy, your credit may not be strong. However, your credit was likely not strong when you were dealing with the circumstances that resulted in your bankruptcy filing.
Here's what you can realistically expect after your bankruptcy discharge:
The bottom line is that if you're like most bankruptcy petitioners, not much will change right after your discharge--other than your eligible debts being gone.
Your credit was probably weak before you filed bankruptcy and it will be weak immediately after. Without those old debts hanging over your head, though, you'll have the opportunity to start to rebuild your credit.
In time, if you handle those early accounts carefully, your credit can be stronger than it was before you filed and you'll begin to see not only more credit available, but lower interest rates and more favorable terms.
If you have more questions about life after bankruptcy, a bankruptcy lawyer may be able to answer them. Click below to connect to a lawyer for free.