Down town San Diego

Life After Bankruptcy

Providing Personalized Debt Relief Strategies Since 2003

If you have recently filed for bankruptcy, you might believe that your financial health will be in ruins for at least a decade and that a brighter future is still years away from where you are today. While your credit will certainly suffer in the immediate aftermath of filing, it was certainly not that strong to begin with. The difference is that your eligible debts will be wiped clean. At San Diego Legal Pros, our experienced bankruptcy legal team will work with you to find the best method to achieve the debt relief you need, so you can begin working on a better tomorrow.

Contact our law firm today at (888) 875-9190 to schedule a free consultation with a knowledgeable member of our team and get started on gaining control of your finances.

What to Expect After Bankruptcy

Depending on the bankruptcy chapter you filed under, your next steps can vary. If you successfully, completed a Chapter 7 bankruptcy, all eligible debts will be formally discharged. From this point, you can begin to rebuild your credit and make the most of this second chance at obtaining a healthy financial future. Four months after your discharge, you should acquire a copy of your credit report. Remember, you are entitled to one free credit report per year, so take advantage of it to closely monitor the health of your credit and beware of companies that claim to offer free reports. If you have already obtained your free copy, they will likely require a fee or monitoring service.

Keeping watch over your credit is vital regardless of the chapter under which you filed for bankruptcy. This is your chance at having a clean slate, so do not let any inaccuracies in your report slide by. Your bankruptcy case must be clearly marked as “discharged” and your accounts should say “discharged in bankruptcy.”

Rebuilding Your Credit

Now that you have managed to successfully file for bankruptcy, you are likely hesitant about signing up for credit cards again since they probably played a major role in what landed you in this situation in the first place. While it is wise to be more cautious about your credit card use, responsibly use of a credit card is actually an effective tool for rebuilding your credit score. For example, if you were to make small charges every month and pay these bills in full and on time, this will have a positive effect on your score. Consider using a credit card to pay your utilities or other monthly bills using your credit card and set up automatic bill payments to ensure you always stay current with your bills. To be sure, always monitor your bank statements and records.

Following your bankruptcy, you will not immediately qualify for most conventional mortgages or car loans and such, but assuming you pay your bills on time and take some active measures to rebuild your credit, these options could be made available to you again in about two to three years after your discharge. Filing for bankruptcy will not provide the fix you need to get a big loan, but with a little patience, you can earn the good credit you need to get there within a relatively short period of time.

Additionally, once you are able to obtain loans or credit accounts, you will likely see higher interest rates initially. The rates you receive will depend on your credit score, which will obviously be low after filing for bankruptcy. Once again, this will change with time as you begin to replace negative items on your credit with more recent, positive items. With earnest effort and careful planning, you will see your credit score rise again.

Bankruptcy Attorney in San Diego

Many individuals are often fearful of filing for bankruptcy and believe their credit score will never be able to recover. However, if you are struggling with debt that you simply cannot pay, your credit score is likely already in bad shape. After filing for bankruptcy, you will be able to finally take the necessary steps toward reviving your financial health, so you can begin living a more stress-free life. At San Diego Legal Pros, our firm is dedicated to providing individuals with the assistance they need to get them through what is undoubtedly a difficult time. Our team will work with you to find the most effective approach toward the financial future you deserve.

Get started on taking control of your life and contact our office today at (888) 875-9190 to schedule a free consultation.

Guidance for Life after Bankruptcy

Work with Our Experienced San Diego Bankruptcy Lawyer

Once you have gone through the bankruptcy process and it becomes final, there are steps to take to ensure you begin anew with a more informed outlook on your budget and finances. Many of the bankruptcy myths that abound leave most people fearing that their credit will be ruined for life and they can never own anything again. This is simply not true. Once your bankruptcy is final, you are generally free of most of your debts, with the exception of a few types such as student loans or support payments that would still be due.

Many families find great relief from the stress and strain of having so much debt off of their backs and look forward to their future. Part of the bankruptcy process includes credit counseling prior to your filing and a financial budgeting course once it is final, so you will have received some basic training in the proper thing to do. Our San Diego bankruptcy attorney at San Diego Legal Pros can help you make some sound decisions to help you as well.

After bankruptcy, it can be beneficial to look into the following:

  • Credit counseling
  • Finance management

With a bankruptcy on your record, you will see your credit rating take a dip, but this is temporary and will start to improve once time goes by and you begin to rebuild your credit. Applying for small credit cards or department store cards which should be used sparingly and repaid every month will go far towards improving your credit score.

To better understand the bankruptcy process and life after bankruptcy,
speak with our firm in a free consultation. Schedule yours today.

Call San Diego Legal Pros – (888) 875-9190

It is important to set up a budget each month and stick to it. Having a steady income and living within your means will help avoid any future debt problems. Avoid incurring any new debt you cannot immediately repay, and build up an emergency fund for unexpected situations. Without the cumbersome burden of debt taking all of your income, you should be able to include savings into your budget as you move forward with your life.

Contact a San Diego bankruptcy lawyer for
help with bankruptcy and steps to take following your filing.

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