A Chapter 7 bankruptcy filing allows you to wipe out all of the debt that is currently robbing you of peaceful sleep. You go from stressed out and unable to pay to a sense of relief and a much more manageable financial situation. If this sounds like what you need to do at this point in your life, you have to consider what will happen after you go through with the filing.
Immediate Relief
The first thing most people notice when they decide to go through with a bankruptcy filing is a complete sense of relief. Once you have started the process of filing and all paperwork has been turned in, you can start telling bill collectors that you are filing for Chapter 7 bankruptcy and no longer want them to call your home.
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You are also able to stop paying on all of the bills that will be included in the bankruptcy filing in order to keep your level of debt the same until the bankruptcy is finalized in court.
This does take a huge weight off of your shoulders right away, but there are some other things coming up that you need to keep in mind.
Your Day in Court
You will need to go to court with your bankruptcy attorney to get your Chapter 7 filing finalized and approved by a judge. You cannot hide behind your attorney at this type of court hearing. You will be asked some questions and will be required to answer them.
The good news is the questions tend to be straightforward and non-judgmental so you should be able to answer them without feeling as if you are being interrogated, blamed or demeaned.
Some people just don't like this process because they feel uncomfortable or embarrassed. It is just a part of the process that you will have to get through if you want to go through with Chapter 7 bankruptcy filing.
Marked Credit Reports
You will probably have a lot of trouble getting any type of loan or credit card for at least a couple years after going through with a Chapter 7 bankruptcy filing. This is because the fact that you have wiped out your debt through bankruptcy will be marked on your credit report for everyone who checks your credit to readily see.
Bankruptcy is a clear statement that you got in over your head with debt and were unable to repay lenders who previously extended you money. This doesn't give a new lender the warm and fuzzy feeling they need to offer you more money on loan.
With time you will overcome the marked credit report and will have a chance at re-establishing your credit. Lenders will gradually consider you worth the risk if you can show that you have learned from the bankruptcy filing and are now controlling your finances in a much more responsible manner.
Moving on From Bankruptcy
If you know what you are getting into and make sure that a Chapter 7 bankruptcy filing is the only logical solution for your current problems, you will gradually get through the process and move on to brighter days.
There used to be a negative stigma surrounding bankruptcy, but with the economic chaos that has hit the world in recent years it is now a common part of life that most people do not blink an eye at.
That is, most people who are not lenders won't blink an eye at!
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