If you have recently filed for bankruptcy, you may be concerned about what your life will look like afterward. While you may have to make some adjustments, you can move forward from your bankruptcy and go on to live a normal life.
What to expect after bankruptcy
If you file for Chapter 7 bankruptcy, you may have to give up some of the assets in your possession. However, the items you have to give up are generally not items that you need to survive. Any property covered under the Florida Homestead Exemption or claimed under the Personal Property or Motor Vehicle Exemptions will typically be protected.
Once you have filed for bankruptcy, it is important that you learn how to get your finances under control. Finding stable employment, starting a savings account and rebuilding your credit are all important steps to take once your bankruptcy has been finalized.
Will I ever be able to get a loan?
Many people count on loans to be able to purchase a vehicle or renovate their homes. However, filing for bankruptcy negatively affects your credit score, making it more difficult to qualify for a personal loan at first. You will typically have to wait for four years after your Chapter 7 bankruptcy is discharged or dismissed before qualifying for a loan. Also, keep in mind that your bankruptcy may also appear on your credit report for up to 10 years from the date you filed. While it is generally more difficult to get a loan after bankruptcy, it is not at all impossible.
If you are interested in learning more about the short- and long-term consequences of filing for bankruptcy, consider speaking to an attorney before filing. Your attorney can advise you on whether bankruptcy is the best choice for you.