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Life After Bankruptcy – What to Expect
By
C. Baker
Many people
think about filing bankruptcy, but fear what
their life will be like afterwards. This
article clears things up by offering
information on what you can expect after
filing bankruptcy.
Bankruptcy is designed to provide
people with a clean slate. However, it does
have effects on your credit, your budget,
and your life. Here are a few things to
expect after bankruptcy.
Credit Counseling: Under the new
bankruptcy law, you are required to take
credit counseling before and after you file
for bankruptcy. The counseling session that
occurs afterwards focuses on personal
financial management. You should glean as
much information as you can during this
session as it will help you to establish a
budget and keep your finances on the right
track.
Your Credit Bankruptcy can have a
serious impact on your credit rating and
your ability to get loans and credit cards.
The good news is that it is possible to
repair any damage that has been done. It
won't happen overnight, and it will require
a serious effort on your part, but in a
short amount of time, you can turn your poor
rating into a good rating.
Your Finances: Because bankruptcy
will eliminate your high interest credit
card debt and any other unsecured debt that
was costing you money on a monthly basis,
you will have extra funds that can be
utilized for other purposes. Begin reshaping
your financial situation by taking this
money and placing it into a high interest
savings account. This savings account will
provide a safety net to fall back on in case
things get tough.
Conclusion
Are you one
of the many that suffer from insurmountable
debt and wonder if bankruptcy is an option?
Give us a call at (203) 924-6700 or
contact us.
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