One of the most common fears people in Mississippi have about bankruptcy is how it will impact their future. In other words, what happens after the paperwork is filed and your plan is approved? Do you get to start over completely, or will you feel the effects of bankruptcy for a while?
The truth is that bankruptcy can stay with you for several years, depending on whether you file for Chapter 7 or Chapter 13. At The Rollins Law Firm, we can help you determine which type is best for you and help you understand how it could affect you in the future.
Although bankruptcy is a great tool for debt relief, it is important to know that it will appear on your credit record for as many as 10 years. Especially in the beginning, this can make it more difficult for you to secure a loan for major purchases like a home or car. However, the effects of bankruptcy will diminish over time if you make the right decisions about your finances.
One of the best ways to get back on track is to establish new habits right away. Managing your money well right of the bat can help you rebuild credit and achieve the fresh start you were searching for when you filed for bankruptcy.
As our law firm, we will work with you to explain what steps you can take now and in the future to rebuild your finances to a healthy state. To learn more about the bankruptcy process and how it will affect your future, visit our Life After Bankruptcy page, or call us to schedule a free consultation.