San Francisco Bankruptcy Attorney Talks About Life After Bankruptcy
San Francisco Bankruptcy Attorney Talks About Life After Bankruptcy
One of the biggest fears by any debtor is that once bankruptcy is filed, it will lead to a life of horror. Debtors believe that if they file bankruptcy their names will carry a scarlet letter to be shunned by all reputable lenders. Debtors often believe they will be stuck going to shady characters who will charge outrageous interest rates with horrendous consequences equivalent to the fabled leg breaking stories from loan sharks if the file for bankruptcy. Aside from very good fiction, these stories are hardly ever the truth.
Most debtors feel a sense of relief and cautious optimism after the bankruptcy is completed, but it takes time. Sometimes it is hard for debtors to believe that the Bankruptcy court can wipe away tens of thousands of debt without ever speaking to the debtors. There is no “big showdown” where the creditor comes and preaches fiscal irresponsibility while pointing a finger of righteousness. The bankruptcy judge will not wave his gavel demanding to know how the debtors could let this happen. After months (sometimes years) of receiving “certified” letters demanding money with threats of lawsuits or phone calls from credit collectors who will name the debtor’s employers, friend and family as people they will call, the debtors receive a simple letter from the Bankruptcy court stating that their bankruptcy is complete and a discharge was granted. The phone calls stop and mail is just regular junk mail. Debtors have been known to call their bankruptcy lawyers repeatedly asking if there is anything else they can do to help bankruptcy, as if they wanted the nightmare to continue.
After the discharge, a very peculiar event happens. The Debtors begin to receive credit card applications. Their credit scores begin to rise. Some even start to save money. Now that the debtor does not have any more debt, they no longer have missed payments or higher than average debt. They factors would have normally lowered their credit scores are gone and, instead, they have positive events like paying their car loans on time. Credit card companies love giving bankruptcy debtors credit cards because bankruptcy cannot be filed again for another 8 years. The debtor can even purchase a new car within the first year of bankruptcy.
Bankruptcy was meant to give debtors a fresh start which is what happens. It is unfortunate that the media makes bankruptcy sound like such a scary thing. If you have a question regarding Bankruptcy please contact us at 1-800-941-6730 or visit www.bkanswers.com and we can connect you with one of our experienced Bankruptcy Attorneys. After you have spoken with one of our bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your needs.
