Is there life after bankruptcy? There is definitely life after bankruptcy – whether that life is good, bad or amazing is completely up to you. It’s not “someone’s” fresh start. It’s your fresh start. Make the most of it by taking the advice of the experts on how to enjoy life after filing for bankruptcy.
Life After Bankruptcy in 5 Simple Steps:
- Let Go of the Guilt
- Pause to Think
- Know Your Budget and Pay Bills on Time
- Get a Secured Card to Rebuild Your Credit
- Know the Facts
There are a lot of myths about bankruptcy and while a good story about Hercules is good for the soul and teaches great life lessons…most of the myths about bankruptcy do nothing to help you solve your financial problems or survive economic catastrophes. Skip the myths and stick to the facts instead.
Fact or Fiction?
Life after bankruptcy is completely miserable and there’s nothing you can do about it – FICTION.
In this series of articles we’ve outlined simple steps anyone who has experienced a bankruptcy can take to create an enjoyable and happy life after bankruptcy.
Bankruptcy disqualifies you from getting a home mortgage for at least 10 years. FICTION.
The fact of the matter is that an individual could obtain an FHA loan while in the middle of a Chapter 13 bankruptcy proceeding.
Individuals who file for bankruptcy won’t be able to obtain a credit card for over 7 years. FICTION.
According to one Iowa Law Review study, 96% of consumers are offered a credit card in the first year after their bankruptcy is discharged.
Individuals who file for bankruptcy are only offered extremely high interest rates on auto loans. FICTION.
Many lenders and dealers themselves will finance vehicles with acceptable interest rates post-bankruptcy.
It takes 10 years to rebuild your credit after bankruptcy. FICTION.
It is true that bankruptcy will be listed under the public record section of your credit report for 10 years, but credit reporting models lend more credence to recent activity than past activity. Many bankruptcy filers have successfully rebuilt their credit to a level that identified them to lenders as an acceptable credit risk within 6-12 months.
Is there life after bankruptcy? We know there is and we can show you how to get there. Call Westgate Law today.