Life After Bankruptcy
Understanding the entire bankruptcy process is important and beneficial because this action will impact your financial future. Bankruptcy will have a temporary negative effect on your credit and will effect your credit score for 10 years. However, as you regain solid financial footing by avoiding unnecessary debt and paying your bills on time, you can rebuild your credit and have a better outlook on life in general here in Mississippi.Chapter 7 Bankruptcy
After you have worked with your lawyer, met with your bankruptcy trustee and completed your credit counseling sessions, your debt will be discharged within three to six months. This discharge zeros out most types of debt and allows you to have a clean slate moving forward.Chapter 13 Bankruptcy
You will begin a bankruptcy payment plan as soon as your case is filed. Later, you will have a meeting with the bankruptcy trustee. After that, the bankruptcy court will decide whether to approve your plan. We have had thousands of plans approved for our clients. The monthly bankruptcy payments will secure the future of your home and other secured items that you wish to keep. At the end of the three- to five-year payment plan, the remainder of your debt is discharged, so long as you did not miss any payments during that time period. While you are in Chapter 13 bankruptcy, you are not allowed to take on any new debt that is not court ordered. New debt includes, but is not limited to, things like car loans, without the approval of your judge.
Call our Picayune bankruptcy attorney for navigating life after bankruptcy at 601-500-5533 or contact us online to learn more about how you can turn your financial world around.Ridgeland Chapter 7 Attorney
Over time, the bankruptcy will affect your credit score less. If you make it a priority to manage your money better and resolve to improve your financial habits, it is likely you will rebuild your credit faster than if you allow old patterns to reestablish themselves. It is important that you do not over extend yourself after filing bankruptcy. A Chapter 7 bankruptcy can only be refiled after 8 years. The bankruptcy safety net may not be available it you fall on hard times again.
Bankruptcy is designed to give you a fresh start and to help you not make the same mistakes again. If you follow the guidance given to you by your attorney, the bankruptcy trustee and the credit counseling sessions, you will see your life and financial health improve. If you don't apply for exorbitant loans, run up your credit cards or fail to pay your bills on time, we can help you take that fresh start and grow it into a fulfilling, healthy financial life.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.