There Is Life After Bankruptcy

Creditors like you to think that if you file bankruptcy, your financial life is ruined. In fact, after you have received your bankruptcy discharge, you will likely find your financial condition has rapidly improved.

If you are in need of debt relief and have questions about how life changes after bankruptcy, our lawyers can help you understand the benefits and potential pitfalls that may lie ahead. At Advanced Bankruptcy Legal Services of Connecticut, our attorneys assist clients with all aspects of Chapter 7 and Chapter 13 bankruptcy. Our practice is focused on helping people find the debt relief they need.

A True Fresh Start

For people who have recently received a bankruptcy discharge, life is completely different. The burden of excessive debt has been lifted, and a fresh start is at hand. As you transition into life after bankruptcy, it is important that you have a plan in place for rebuilding your credit score and ensuring that all the debts that were discharged in your bankruptcy no longer appear on your credit report.

What Happens After Bankruptcy?

Once your debts have been discharged, your debt-to-income ratio will improve considerably and make you a much stronger candidate for credit card offers. Some people receive offers in the first year following the discharge, and, in many cases, they receive offers while their bankruptcy case is still active.

These offers can be a good way to reestablish payment history and improve your credit score. Be very selective in the offers you accept and don’t overextend yourself. Choose no more than one card and always pay the full balance. This will help to quickly improve your credit scores.

The other major concern following bankruptcy is making sure that discharged debts show a zero balance on your credit report. It doesn’t matter whether the creditor was fully repaid. You have no further responsibility to pay debts that were discharged in bankruptcy, and they should all show as paid on your credit report.

If you find that a discharged debt still shows a balance on your credit report, contact the reporting agency to request a correction.

Contact Us For Help

Contact our attorneys to discuss your questions regarding life after bankruptcy. We offer a free initial consultation to all new clients. Call our New Britain office at 860-242-0574 or our Bloomfield office at 860-674-8003 or email us.