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Life after bankruptcy is a huge concern for so many people, and I understand that. The way I look at it, having gone through the process so many times, is that, in talking to people, their perception is that bankruptcy is the end. They’re very nervous and upset. They’re afraid that they’re going to lose assets, and something’s going to go wrong. I think that is because so many things have gone wrong for them lately to put them in this position. I think that’s a natural reaction. What can be added from my perspective is that bankruptcy is not the end. It’s actually the beginning, because you are starting everything fresh. You’re closing a chapter, a painful chapter, in your life, and you’re starting a new one, which is not going to be painful, so that’s the way I would look at it.

Another thing is a lot of people have concern about the credit, and by the time people come in, their credit is pretty much shot. It is on your credit report for seven years, but what the banks are looking at is have you been maintaining your payments on your house or your car. They’re looking to see if you no longer have that problem with debt and a debt/income ratio problem, because the debt is all gone. Taking that all in consideration, they’re much more willing to give you credit in the future. I’m not talking about five years. I’m talking more like one year for getting credit cards again if you want them and two years for a car loan. For mortgage, you’re looking at anywhere from two and a half to three years before they’ll look at you, but the future is really something new, fresh, and it’s going to be a lot better than where you’re at right now.

Contact us today to arrange a free confidential consultation with experienced Jamestown bankruptcy lawyer Scott F. Humble. Let his 30+ years of experience work for you.

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