Moving Forward After Bankruptcy

Many people still believe the negative stigma that is attached to bankruptcy. However, it should be known that bankruptcy is not something that will destroy your life and follow you forever. It is the opposite; bankruptcy can help you regain control of your finances and clear a path to your future. It is true that credit ratings are affected by bankruptcy and you will need a year or two to improve your credit. But you will not have to deal with the pre-bankruptcy creditors and the debts owed to them, depending on whether you file a Chapter 7 (getting rid of debt) or a Chapter 13 (a payment plan either to pay debt or cure mortgage arrears).

At my office, clients talk with me, Hatboro lawyer Michael E. Eisenberg, about all aspects of bankruptcy. With more than 25 years of experience in bankruptcy and other issues, I can confidently tell them that yes, there is life after bankruptcy. While your legal issues may seem overwhelming, I am here to help.

For a free confidential consultation with a knowledgeable bankruptcy attorney, please contact me at 267-728-4535 or 800-851-2534. Located in Hatboro, Pennsylvania, my law office serves clients in Montgomery County, Bucks County and throughout the Philadelphia metropolitan area.

Deciding To File

Even though they may be hesitant, many people do sit down and talk with me, and decide bankruptcy is the way to go. I help them gather all of the paperwork and file. Clients are often surprised how quickly they are finally free from harassing creditor phone calls and other correspondence.

Credit scores are affected, and the bankruptcy itself will stay on your report for 10 years. This doesn't mean you have to wait 10 years before you can get credit again. I can put you in touch with resources that can help you be strategic about reapplying for credit and show that your spending habits have become responsible.

Re-establishing Credit

There are many situations where it helps to have the ability to buy on credit. Most cars aren't paid for in cash, for example. Reserving a hotel is also easier with a real credit card, rather than a debit card. However, many people are able to get through life using credit very sparingly. This is likely how you will need to start. Credit card companies have different criteria for different types of credit cards.

After a bankruptcy you will likely need to look at offers based on bad or poor credit. Many of the initial offers are not especially attractive. They have high interest rates, annual fees, and many are secured cards that require that you make a deposit into an account before you can use your card. Generally, the spending limits on these cards are low, but it is a place to start.

Take The First Step

I pride myself on helping people overcome financial hardships by filing bankruptcy. Coming back is not always easy, but with patience, diligence and discipline it is possible to re-establish your credit worthiness over time. For more information, talk to me today during a free initial consultation. Call my office at 267-728-4535 or 800-851-2534. You can also contact me online.

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.