Bankruptcy Attorney Serving Houston
Is There Life After Bankruptcy?
You may wonder if you are ever going to get through this difficult and stressful time, with overwhelming debt, harassing calls and threats of legal action. Although confronting the situation and going through the bankruptcy process may be difficult, once you are well into the process and nearing the discharge of your debts, life after bankruptcy will soon be near. Once your case is finalized, your life can begin to improve. In fact, as soon as the Bankruptcy Court issues the order to cease any further collection efforts to your creditors, you will begin to experience the relief of no longer being hounded by creditors.
Once your case is finalized, your debts under Chapter 7 will be completely discharged. Under Chapter 13, you will be on a formal repayment plan until it is completed, 3 or 5 years, depending on your circumstances. You will be free of the worry and anxiety you had been experiencing and will be able to plan ahead for your future once again.
Although a bankruptcy filing will initially affect your credit record, you will soon be able to start re-building it. By careful planning, applying for small credit lines will help to establish your credit once again and begin to improve your credit history. If you carefully establish a reasonable amount of credit and pay it off regularly, your credit history will slowly improve with time. As part of your bankruptcy you are required to attend a financial management class. Either with the help of a Houston bankruptcy attorney at the Malaise Law Firm, or using the tools you learned to budget with from your class, you can set up a budget that carefully monitors your income and expenses. This will allow you to determine where your income is going and how to cut back in certain areas.
Maintaining Solvency in Houston
To avoid falling into the trap of too much debt again, you must take the responsibility of ensuring you keep a steady source of income to cover your expenses. Minimize the use of credit at all times, save as much as possible and if you wish to purchase something you don't have the money for, save up for it until you do. Budgeting responsibly is the key to maintaining solvency.
We are happy to assist you in any budget planning and advice in establishing yourself after bankruptcy. Our legal staff is dedicated to providing you with personalized attention that can help you with every aspect of your finances after bankruptcy. Contact us for your free initial consultation.
Contact a Houston Bankruptcy Lawyer
find out what you need to know to maintain solvency.