Life After Bankruptcy

Bankruptcy gives people a second shot at economic health. But people don't always know what to do with this opportunity.

They want to know how they will live without credit cards. (People did it for thousands of years.) They wonder if anyone will give them credit again. (They will, but give them time.) They wonder if bankruptcy means they will never again own a home. (It does not mean that.)

Sometimes — and this is a sign of their diminished confidence — people ask if it's possible to file for bankruptcy a second time. (They can't, not for eight years.)


Rebuilding Credit Is Possible

Working with an attorney to file for Chapter 7 bankruptcy does not preclude you from getting credit again. If that were true, bankruptcy would have little appeal. It would be a credit dead end. The truth is, people'scredit rating generally improves after bankruptcy — because their credit was at its lowest when they were missing payments month after month.


Often, people who surface after Chapter 7 are determined not to fall into that kind of debt again. Their newpurchasing and payment behavior causes their credit rating to slowly rise.


Paradoxically, people emerging from bankruptcy are often considered good credit risks. (Because the law prevents them from filing for bankruptcy again for another eight years.)


Many of our clients do struggle for a year or more without credit. But during this time, you will be creating the foundation of a new financial life. Ask yourself questions like:


  • Why did this happen?

  • How must I change?

  • What lessons can I learn from this experience?


I have seen many clients through the bankruptcy process, and I have seen not only the immediate relief, but also the long-term growth and renewal bankruptcy brought them.


Is there life after bankruptcy? In Florida there is. Call or e-mail lawyer Robert F. Hoogland in Altamonte Springs to hear the full story.


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