Post-Bankruptcy Advice From Our Michigan Law Firm
When you are in a deep financial hole and are considering bankruptcy, it is important to think about life after bankruptcy. What are the long-term effects that a bankruptcy petition may have on your credit history, your ability to buy a car or home, or your ability to find a new job?
Contrary to popular belief, life after bankruptcy does not include a permanent black mark on your credit history. However, there are some important facts to consider when you are deciding whether — and when — to file a bankruptcy petition.
At the Livonia law firm of The Shaw Group, P.C., we give ample guidance and advice to every client before we begin the process of filing a bankruptcy petition. We make sure our clients are well informed about the bankruptcy process and about financial life after bankruptcy.
Contact us today to schedule a free consultation with an experienced bankruptcy lawyer at one of our four offices: Novi, Ann Arbor, Livonia or Plymouth.
Reestablishing Credit After a Bankruptcy Petition
Some of our clients are shocked when they find credit card offers in the mail shortly after completing a bankruptcy process. From the point of view of credit card companies, post-bankruptcy consumers are an excellent risk, because you cannot file another bankruptcy petition and escape the debt for eight years.
Thus, if you have a steady income you will probably be able to qualify for credit. The more important question is whether you can afford to use credit cards — whether you will find yourself back in a similar financial crisis but with no way out via bankruptcy.
It is possible to rebuild your credit after bankruptcy. After three or four years, you may even qualify for a new home mortgage. Once again, this is a stage at which you should seek financial and legal advice — take a low financial risk to protect yourself and your home.
Get Help Now - Contact The Shaw Group Today
Get answers to all your questions about the bankruptcy process and about life after bankruptcy. The more you know, the better decisions you will make about how to rescue yourself and your family from financial crisis.
Use our online contact form or call toll free at
