What Are the Potential Long Term Implications of Filing for Bankruptcy?

Bankruptcy can provide much needed relief to people in the throes of financial turmoil, but it’s nothing that should be taken lightly. Whether someone files for Chapter 7 or Chapter 13 bankruptcy, they may have to endure several years of bad credit and all that comes with that. However, if you’re someone who is contemplating bankruptcy, it’s important to remember that it certainly will not ruin your future, especially if you work with a skilled bankruptcy attorney. In fact, it’s more likely that it will improve your future.

The immediate and long term implications of filing for bankruptcy mostly deal with credit-related needs and activities. For example, if you recently filed for bankruptcy, you can essentially rule out the possibility of being approved for a mortgage for at least 7 to 10 years. During that time, you may also find it difficult to secure small loans and credit cards. However, it’s important for someone in this position to do his or her best to engage in activities that can improve their credit, even if it takes some time for the results to come to fruition.

In the few years after filing for bankruptcy, many people feel like they’re stuck in a Catch 22 situation. They can’t get approval for many things because they don’t have a good enough credit score, yet they can’t improve their score because they can’t get approved for things that would improve their credit. While this can be extremely frustrating, it becomes less taxing with time, which is a very important point for you to remember if you’re struggling with the decision of whether or not you should file.

Whether you’re contemplating filing for bankruptcy, struggling with the procedure, or looking for ways to better handle the aftermath, the attorneys at the Law Office of Bruce Mayrand are ready to help. With extensive experience in all areas of bankruptcy law, our skilled attorneys can help you through every stage of the process. Contact us today to schedule your free consultation!