Life After Bankruptcy
If you have considered bankruptcy as a possible option to a difficult or impossible financial situation, you may wonder what life is like after bankruptcy. A Houston bankruptcy lawyer can provide a good project on what it may be in your case.
Your circumstances and what kind of bankruptcy you choose to file have a bearing on how your future will look after the filing is done and your new financial beginning has started. Consulting with an attorney at Stockton Law Offices, we can help you to gauge what yours will be. This look also can provide valuable insight on whether to proceed with a bankruptcy filing or which Chapter of the bankruptcy code is best for you.
One of the most important set of factors in what your life will be like following a bankruptcy filing is which kind you file. For instance, filing a Chapter 7 is the most direct in that it is a liquidation of all non-exempt assets and discharging of debts, all of which is done under a court-appointed administrator. At the end of this filing, you are free from debt and can begin to re-establish your credit. By comparison, filing a Chapter 13, a plan is proposed and approved by the court to pay obligations within three to five years. This type also involves reorganization of your debts. Once the payment plan is completed, you can look forward to a life without debt and begin to re-establish your financial future.
There are many other factors involved and one should get in touch with our office for the details and to get questions answered. Not all circumstances are the same or even similar and your life after bankruptcy will not necessarily mirror anyone else's. However, there are certain things which can be relied on to be affecting your life significantly and we can help you understand them.