What Does Life Look Like After Wilmington Bankruptcy?

Life looks better after Wilmington bankruptcy

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When you’re contemplating Wilmington bankruptcy, usually you’re thinking about how rough your financial life is right now, not what it will look like after your bankruptcy. For most people, bankruptcy is new to them, so they don’t know what to expect. If they head to the web for answers, they might come out scared, thinking their credit will be ruined for a decade and they won’t be able to buy a home, get a car loan, or be approved for a credit card. None of this is true for those that make the most of their fresh financial start.

After Bankruptcy: No More Debt Collection Stress

If you’re behind on your bills, your phone is probably ringing off the hook – at home, work and on your cell – with debt collectors demanding money, pressuring you, and perhaps even threatening you. This is stressful, bad for your health, and no way to live. As soon as you file your Wilmington bankruptcy petition, all debt collection activity must stop, by law, or creditors will be punished.

After Bankruptcy: No More Sleepless Nights

For those living in financial stress, a good night’s sleep is probably not something you often get. You lie awake worrying about bills, scared of creditor threats, wondering how you got into this situation, and trying to think of a way to get out of it. But after you file Wilmington bankruptcy, you can get restful sleep knowing your financial crisis is behind you and life will be better.

After Bankruptcy: Credit Card Offers Roll In

You’ve probably read on the interwebs that filing bankruptcy ruins you financially for a decade. This is simply not true. In fact, many of our Wilmington bankruptcy clients begin to see credit card offers come streaming in within a few months of their bankruptcy discharge. The key is not to jump on these and accept them right away. You’ll need to wait a while longer for better offers, but they will come.

After Bankruptcy: Your Credit Score Rebounds

Another myth around bankruptcy is that it wrecks your credit for a decade. While it is true that a bankruptcy filing stays on your credit report for years, it’s not true it will weigh you down all that time. The further from your Wilmington bankruptcy filing, the less it matters to creditors. In fact, if you’re behind on bills, your score is falling every month already, and bankruptcy stops the free fall.

After Bankruptcy: Rebuild Your Financial Future

With a clean slate from Wilmington bankruptcy, you’re ready to carve out a new path. Within a few months of discharge, you’re ready to rebuild your credit starting with a secured credit card, then a secured. Within six months to a year, if you work at it, you can get a car loan. From there, within a year or two, you can take out a mortgage. You have to work to rebuild, but it’s worth it.

After Bankruptcy: Improved Quality of Life

Debt stress doesn’t just affect your sleep – it also affects every waking moment of your life. Your relationships at home and work are affected by your financial concerns and stress. After filing Wilmington bankruptcy, we see clients that are visibly happier, more relaxed, and focused on the possibilities of life instead of being bogged down by fear and stress.

With Chapter 7 bankruptcy, you can go from filing to discharge within just a few months. This type of bankruptcy wipes out medical bills, credit cards, some older taxes, and other unsecured debt. With Chapter 13 bankruptcy, you’re on a repayment plan to catch up on past-due balances on your mortgage and auto and will usually pay a small percentage of unsecured debt.

To find out more about the life-changing benefits of bankruptcy, contact the Law Offices of John T. Orcutt. Call +1-833-627-0115 for a free Wilmington bankruptcy consultation at one of our convenient locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro or Wilmington.