What to Expect after Bankruptcy
Bankruptcy can be a very important tool for getting a family or business out of debt over the long term. However, many individuals who file for bankruptcy may find that several issues arise after they recover from their previous debts.
Bankruptcy has its pros and cons, so it is important to consider your long term plans before making a decision. To discuss your bankruptcy options with an experienced attorney, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906.
Post-Bankruptcy Issues
In most cases, individuals will find that after bankruptcy, borrowing money becomes significantly more difficult. Usually, bankruptcy will stay on an individual’s credit report for seven years, after which time the individual’s credit should begin to normalize.
If a formerly bankrupted individual wishes to borrow money before that seven-year period, the individual may find that he or she is:
- Regularly rejected for loans and financing
- Subjected to high interest rates
- Unlikely to be approved for a credit card
While many of these matters are non-issues for most bankrupted individuals, some may need to borrow money for a number of reasons before their seven-year grace period has expired. Bankruptcy can be a great way to start over, but it is important to consider the consequences before decided whether it is right for you.
Contact Us
If you are unsure of whether you should declare bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to discuss your financial future and options with one of our experienced attorneys.