When you’re weighed down by debts you can’t repay, a bankruptcy lawyer can help you start your financial life over again. Even if you understand the benefits of bankruptcy, you might worry about the long-term impacts on your life. Will you be able to buy a house? Will your credit score suffer forever? Fortunately, with a little financial discipline, you can start rebuilding your life as soon as your bankruptcy is discharged.

What to Expect After Bankruptcy

Building a Savings

Without the pressure of medical debt or credit card bills, you might actually have more room in your budget after a bankruptcy. Take advantage of this opportunity to start building a savings, aiming for at least a few months of living expenses. Having cash on hand can help you avoid falling back into debt in an emergency and give lenders confidence that you can handle your finances responsibly.

Rebuilding Your Credit

It’s true that filing for bankruptcy will have a serious impact on your credit score, but the effect might not be worse than a history of late payments and multiple accounts in collections. Within a few months, you should be able to qualify for a secured credit card or store charge account, both of which can be stepping stones to rebuilding your reputation. Be sure to use any new credit responsibly, and pay off the balance in full every month.

Working Toward the Future

The bankruptcy notation will stay on your credit report for up to ten years, but that doesn’t mean you’ll have a poor rating until then. In fact, with good financial habits, your credit score may be higher than ever after just a few years. Many bankruptcy lawyers offer their clients guidance for making the most out of their clean slate.

If you’re struggling to keep your head above water, the bankruptcy lawyers at Padgett & Robertson, Attorneys at Law will provide the lifeline you desperately need. Based in Mobile, they’ve been serving borrowers throughout southern Alabama for over 40 years, offering effective guidance in a wide range of difficult situations. Visit their website for more on their debt relief services, connect with them on Twitter, or call (251) 342-0264 to speak with a bankruptcy lawyer and schedule a consultation.

No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers.

We are a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code.