Life after Bankruptcy

Southern California Bankruptcy Lawyer

If you considering bankruptcy as a valid option to a deteriorating and hopeless financial situation, you are probably nervous about what will happen after you file. To fully understand how bankruptcy applies to your specific situation, it is important to discuss your financial scene with a competent bankruptcy attorney. It is highly advised that you contact a Southern California bankruptcy attorney at Fransen & Molinaro who can provide you with experienced guidance about your options and alternatives. Our firm focuses on bankruptcy cases in Corona, Orange County, the Inland Empire, and West Los Angeles and out attorneys are well-versed and adept in utilizing the bankruptcy laws to best serve your needs and financial goals.

Most people who file for bankruptcy already have damaged their credit through late payments or by defaulting on accounts. What happens after you file for bankruptcy will generally depend on the type of bankruptcy case you are involved in, such as a Chapter 7 or Chapter 13. After a Chapter 7 case is completed, you will be debt-free except for any debts you retained, which means that your debt-to-income ratio will be considerably improved. You can begin rebuilding your credit immediately by making timely payments on any obligations you still have, such as mortgage payments, car loan payments, or on credit cards you may have retained. You can also obtain secured credit cards from financial institutions who offer them. By using them wisely, you can rebuild your credit score and, usually within a few years, find yourself eligible for new loans.

After a Chapter 13 bankruptcy, you will be making payments on debts through your court-approved repayment plan over a 3 to 5 year period which will allow you to keep important assets like your home. Following this, you can rebuild your credit score in the same fashion as a Chapter 7 debtor.

Filing for bankruptcy will relieve you of the stress of having to deal with a hopeless financial scene, along with the harassment and demands of creditors. Your financial footing will be restored, allowing you to move forward into a brighter future. To get started on accomplishing this, consult with a Southern California bankruptcy lawyer at F&M as soon as possible.

Contact a Southern California Bankruptcy Attorney at the firm to discover legal options to your financial distress today!