How Does Bankruptcy Give You a Fresh Start?

Bankruptcy can discharge some of your debts and help you rebuild your credit.

You’ve heard that filing for bankruptcy can give you a fresh start, but you are unsure about it. It’s a big decision you’ll have to make, but it could be transformative and get you on the right track. Here are some ways in which bankruptcy can change your life for the better and give you the new start you deserve.

You Can Get Rid of Debt

If you file for Chapter 7 bankruptcy, your debts are discharged and you will most likely not have to give up anything in order to receive your discharge. Even though a trustee has a right to liquidate your non-exempt assets in order to pay off your creditors, most chapter 7 debtors can claim exemptions to avoid such things. Once you receive your discharge, you don’t have to worry about them anymore. If a creditor tries to contact you after a bankruptcy discharge, the bankruptcy court could penalize them.

You Can Rebuild Your Credit

After you file for bankruptcy, the amount of time it takes to rebuild your credit and improve your score will vary — but generally, it’s around one to two years after filing chapter 7. With a fresh start, you can increase your credit score and become eligible for loans with attractive interest rates, including car loans, personal loans, and mortgages, as well as credit cards with rewards programs and a range of other benefits.

Finding a Lawyer for Bankruptcy Help

The best course of action when you’re considering filing for bankruptcy is to contact a bankruptcy lawyer. They will help you determine what type of bankruptcy is best and how you can go about it so you can get back on your feet as soon as possible.

Contact Richard P. Arthur

Richard P. Arthur, Attorney at Law, will assist you with filing for bankruptcy. You can call 937-254-3738 for a consultation. He has nearly three decades of experience helping clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.