Life After Bankruptcy
Understanding the entire bankruptcy process is important because this action will affect your financial future. Bankruptcy will have a temporary negative effect on your credit and will stay on your credit record for 10 years. However, as you regain a good financial footing, keep avoiding debt and pay your bills on time, you will 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 attended your credit counseling sessions, your debt will be discharged within three to six months. This zeros out all of your existing debt and allows you to start over.Chapter 13 Bankruptcy
After your meeting with the bankruptcy trustee, approval of your repayment plan and final credit counseling session, you will begin the monthly payments that will secure the future of your house and other secured items that you wish to keep in order to pay back creditors the agreed upon amount. 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 further debt that is not court ordered, like alimony or child support, without the approval of your bankruptcy trustee.
Call our Jackson attorney for navigating life after bankruptcy at 601-500-5533 orcontact us online to learn more about how you can turn your financial world around.Ridgeland Debt Relief Attorney
Over time, the bankruptcy will fall off of your record and your creditors will not know about it if you apply for a loan or are going through a credit check. If you 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.
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 us, the bankruptcy trustee and the credit counseling sessions you will see your life 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 whole, healthy financial life.