Your Financial Future after Bankruptcy

by San Antonio Attorney

Nowadays, bankruptcy is much more common than it was before.  In 1960, there were 110,000 bankruptcy filings in the America. Compare that with approximately one million annually in the early 2000s.

Our economy continues to recover from the recent recession and countless of people are dealing with hard financial situations.  More often than not bankruptcy happens because of unexpected and uncontrollable life events.

If you are filing for bankruptcy, some of your friends and family members are probably worried about how this could impact your credit, and be concerned for your financial future.  Usually, this is because they care for you.  They think about how it will affect your credit standing and financial health.  They wonder about how bankruptcy will influence you employment opportunities and your ability to make major purchases.  However, since bankruptcy is prevalent, many creditors and landlords won’t disqualify you just because you have a dent on your credit report.  They are aware that most people are hurting financially.  Moreover, there are consumers who are able to save up and bought homes and cars within a fairly short time after they have discharged their debt in bankruptcy.  Although it does affect your credit score, bankruptcy on your credit is not as detrimental to your life as dealing with creditors and pay mounting bills that you can no longer afford.

In the end, your financial future depends on you and it is up to you to decide whether bankruptcy is your way out.  You have endured the debt, gave your best to get out of debt, and will now overcome the step of bankruptcy.  This can give you a fresh start and that is something your loved ones will be happy for.

Making an effort to control your finances and starting over without debt weighing your down can be liberating and empowering.  If you need help or you have questions, you can contact a San Antonio Bankruptcy attorney for consultation.

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