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Is Life Better After Bankruptcy?
Yes, life can be better after filing bankruptcy. The harassing telephone calls willstop. The constant collection letters will no longer visit your mailbox. You canfunction better at work knowing that you won't be hounded by bill collectors at yourjob.
Chapter 7 bankruptcy is often referred to as a "fresh start" bankruptcy. Themajority of unsecured debts are eliminated and the individual is free to pursue theAmerican dream again. Some debts such as student loans, recent taxes, alimony,maintenance, child support, parking tickets and traffic fines are not eliminated ina Chapter 7 bankruptcy. Although the bankruptcy laws have recently changed, some85% of would be bankruptcy filers would still qualify under the new law. Thisstatistic was provided by Best Case Bankruptcy, a software development company forbankruptcy filings throughout the country. They estimate that only 15% of potentialfilers would be forced into Chapter 13, which is a form of bill consolidation.
B. Burns, of Chicago. has found life after bankruptcy to be a great improvement. She no longer receives collection calls, but cautions others against overspending. She received dozens of offers for high interest credit cards shortly after she camethrough bankruptcy. She was also inundated with offers from auto dealershipspromising to put her into a new vehicle. These vehicles could be bought, but notwithout the high interest rate loan attached to it.
David Siegel, Chicago bankruptcy lawyer and American Bankruptcy Institute member,recommends that his clients proceed on a cash basis for at least one year afterfiling bankruptcy. He provides further recommendations athttp://www.bankruptcylawyer schicago.com. He does recommend a secured credit card insome instances. However, all clients should be leery of credit offers that soundtoo good to be true because they often are too good to be true. If a client canwait two years after filing, he can likely qualify for a decent mortgage with adecent interest rate.
For more information:David M. Siegeldavidmsiegel@hotmail.co mhttp://www.bankruptcylawyers chicago.com
