There Is Life After Bankruptcy
A financial challenge can seem insurmountable to pass. If you are unable to pay your bills and provide for you and your family, imagining what life could be as free of debt may seem far-fetched. If you haven’t already considered options for debt relief, you should know that life after bankruptcy can be one that is free of calls from creditors, late fees and penalties. Our firm can help you get a fresh start through bankruptcy.
Pearman Law Firm, P.C., has been helping our clients overcome their legal challenge with effectiveness and efficiency is our top priority. From our office in Wheat Ridge, Colorado, our attorneys serve clients throughout the Denver metro area in bankruptcy law matters.
Rebuilding Credit And Starting Fresh After Bankruptcy
Your life will drastically change, for the better, after you file for bankruptcy. You will have the ability to immediately begin rebuilding and establishing your credit. You will not have to deal with phone calls from creditors, wage garnishments or the possibility of foreclosure. Other people do not even have to know that you have filed for bankruptcy.
Because your debt-to-income ratio changes dramatically with bankruptcy, you will likely have a much higher credit score soon after bankruptcy than you did before. Within a year or two, you could even have a credit score in the 600s and receive credit card offers. Within five years after bankruptcy, many people are able to get a mortgage and a car loan.
What About Bankruptcy Alternatives?
There are alternatives to filing for bankruptcy, which include credit counseling, debt consolidation, short sales and informal settlements with creditors. However, for most people, bankruptcy is the best option. Creditors are not required to participate in any type of alternative to bankruptcy, but they will be if you file for Chapter 7 or Chapter 13. Also, interests and penalties stop accruing in Chapter 13, whereas with a debt settlement or other alternative to bankruptcy they keep accruing.