Are you thinking about filing bankruptcy? If so, then you might be wondering what life after bankruptcy could look like. Read on to get a general idea.
After filing bankruptcy and going through the process, there is one thing you should be aware of. Getting credit can be difficult, and this includes getting a mortgage, personal loan or a credit card. The good news is there are a number of companies who have credit offerings specifically for people who have filed for bankruptcy.
You will feel a lot less stressed out because you'll have no more debt, for the most part. Do keep in mind that certain types of debt cannot be discharged and this includes child support, spousal support and so forth. Most consumer debt can be discharged.
You basically get a fresh start. This means you'll find yourself being more focused and happy. In fact, your overall mental health may improve as a result.
After declaring bankruptcy, the chances are you'll need to close your old bank account or it will automatically be closed, depending on the bank you're with. This means you'll have to open a different bank account at a another bank. This may or may not be easy to do.
Some banks might not allow customers with a bankruptcy to open a bank. However, as long as you didn't owe another bank money, then they may overlook the bankruptcy. Here's a tip, contact as many banks as possible and apply for a few bank accounts to see if any will accept you.
Life after bankruptcy is different for everyone. Generally speaking, you can expect to open a new bank account, have no more debt for the most part, but be prepared to find it hard to get credit. It's not impossible, but it can be difficult.