What to expect after filing for Chapter 7 bankruptcy
Filing for bankruptcy is a difficult decision for many to make, but is it a smart one for those who are struggling with debt? Not long after you decide to file for Chapter 7 bankruptcy, you might begin to wonder what to expect after the filing is complete. We will discuss what you can expect after the bankruptcy in today’s post.
Because you filed for Chapter 7, you will have gotten rid of most of your debt, but the bankruptcy will remain on your credit report for the next 10 years. If you have a salary, it belongs to you, and you should build an emergency fund immediately. You will need this fund because you will have to live on cash for quite some time instead of credit.
After the Chapter 7 filing is complete, you will need to re-establish credit to fix your financial standing. If you kept your house during bankruptcy, paying your mortgage on-time each month will help improve your credit. If you have a high-end salary, you should have no trouble getting credit.
Once you are able to acquire a new credit card, make sure it is secured, and pay it off every month. Do not let any payments fall behind because this will just cause you problems, quite possibly the same ones that got you in trouble the first time.
You need to focus on the end result of filing for bankruptcy, which is the fact that you are now free of debt, or at least in a much better situation than you were months ago.
Working with an experienced New York bankruptcy attorney can make the process of filing for Chapter 7 much easier. An attorney will also be able to explain what to expect after the filing goes final, so be sure to contact our firm today to discuss your case.