Peter Rasla & Associates, P.L.C. Articles What to Expect After You File a Chapter 7

What to Expect After You File a Chapter 7

By Peter Rasla & Associates, P.L.C.  Jan. 7, 2011 5:40p

Making the decision to file for bankruptcy is not an easy one. For some individuals, they did so after things got so bad; their finances spiraled out of control. For others, they tried their hardest and put their best foot forward to pay off their debts and maintain their obligations until the numbers just weren't there, to support their debts. Many people are driven to bankruptcy, after realizing there is no other alternative.

First off, bankruptcy is not all that bad. In fact, you can look forward to re-building your credit after only a few short years of a bankruptcy discharge. In addition, you can keep in mind that in today's economic climate, countless individuals, married couples and businesses alike are filing for bankruptcy right now. Bankruptcy is nothing to be ashamed of and, here are a few things to look forward to once your bankruptcy petition has been filed.

Probable the first and foremost thing you will notice is the peace and quiet you get once the "automatic stay" is put into effect. An automatic stay halts all debt collection activity during the bankruptcy process. This means no more harassing creditor phone calls, no more letters in the mail and no more wage garnishments, that is, until the bankruptcy is discharged.

You will start to experience peace of mind once you realize that those large unsecured debts looming over your head will soon disappear. This includes medical bills, hospital bills, credit cards, personal loans and other unsecured debt. You might even see an improvement in your relationship with your spouse and children, once the stress is lifted.

Once your chapter 7 is discharged, usually in 3 to 6 month from the time you file your petition, you can enjoy having more disposable income at your disposal. You can start fresh, start saving again and focusing on re-establishing your credit and your future.

Bankruptcy Attorney in Irvine

If you are interested in finding out more about chapter 7 bankruptcies, an Irvine bankruptcy attorney from Peter Rasla & Associates, P.L.C. can sit down with you and go over the details of your case. We can give you all the information you need in order to help you determine if bankruptcy is right for you.

Contact an Irvine Bankruptcy Lawyer from our firm today for a free consultation!

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