People often ask me: “What is Life After Bankruptcy like? Will I ever be able to purchase a car again? Can I purchase a house? Will I be able to take out a credit card? Will I be able to get a job or rent a new place? The answer is YES.


In fact, some people actually have an easier time getting credit in their life after bankruptcy. This can be because their debt to income ratio has improved. This means more money is available to pay a new obligation or debt. Also, most creditors know a certain amount of time has to pass before someone can wipe away their debts again through a bankruptcy. In fact, many people move on and end up purchasing houses and cars in life after bankruptcy.

Life after bankruptcy is a time to start fresh. Since less of the paycheck is being used to pay and catch up on credit card bills, many people instead save a part of their paycheck for a raining day and have left over income to use for household expenses such as, food, rent, utilities, clothing, and car payments. Many people even have more money available at the end of each month to put aside for retirement.


Most people find that life after bankruptcy is less stressful. People are usually already bankrupt or insolvent (not keeping up with your debts as they come due) before they file a bankruptcy. The most stressful time for most of my clients is usually before a bankruptcy is filed because they are either being harassed or sued by creditors, which a lot of times means they are receiving abusive or threatening letters and/or phone calls. For many people, the uncertainty of when a lawsuit will be filed for being behind on credit cards is typically lifted and removed in life after bankruptcy.


Bankruptcy law provides protection for people seeking employment in life after bankruptcy. Most employers are prohibited from discriminating against a potential employee for having previously filed a bankruptcy. A bankruptcy filing may actually reveal that the potential employee was proactive in addressing and resolving his or her debts. Additionally, renting a new place is possible in life after bankruptcy. Some landlords look at the credit score, which can be rebuilt in life after bankruptcy.


Life after bankruptcy does exist. And, because news outlets do not regularly publish bankruptcy filings, most of your family or friends will never know you filed bankruptcy unless you tell them.


Bankruptcy is a powerful tool that allows you to have a second chance at rebuilding your financial future. To see 10 Ways To Rebuild Your Credit click here


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