California Personal Bankruptcy Attorney
Most prospective bankruptcy debtors are not only concerned about how filing for bankruptcy can help them relieve the immediate pressure of debt collections, they also want to know about the long term consequences of a bankruptcy filing or discharge. For specific information about the consequences of filing for bankruptcy, contact California personal bankruptcy attorney Gary Greule, in Citrus Heights, California.
Even though the record of your bankruptcy remains on your credit report for ten years, most people experience an improvement in their credit scores after they receive their discharge. Depending on income, people who have filed for bankruptcy will usually qualify for a home mortgage within two years after discharge. Most people will be accepted for a car loan at moderately high interest right away.
People considering Chapter 7 bankruptcy need to make sure that they genuinely need the protection of bankruptcy before filing the bankruptcy petition. The Bankruptcy Code prohibits filing for bankruptcy within eight years following a prior Chapter 7 filing when a discharge was granted in the prior case.
We recommend that our clients do what they can to reestablish sound credit as soon as possible after filing their Chapter 7 or Chapter 13 bankruptcy petition. Most debtors will receive high-interest, low-balance credit card offers shortly after filing for bankruptcy protection. Used wisely and paid off as rapidly as possible, these credit opportunities can represent a valuable stepping stone toward restoring a sound credit rating.
Finally, debtors should keep in mind that the Bankruptcy Code prohibits discrimination in employment or access to public benefits against people who have file for bankruptcy. Although the debt relief bankruptcy affords demands a great deal of work in the early weeks of assembling the financial materials you must present to the court, the positive effects of discharge of indebtedness and relief from severe financial pressure through the Bankruptcy Code's automatic stay provision makes the experience worthwhile for most of our clients.
For further information about the consequences of bankruptcy, contact the California personal bankruptcy lawyer at the Law Office of Gary D. Greule.
We are a debt relief agency. We help people file for relief under the United States Bankruptcy Code.