Will I Ever Recover from Bankruptcy?


I’ve got wonderful news for everyone considering bankruptcy.

While filing for bankruptcy will have an impact on your credit rating and your ability to obtain credit immediately after, recovery is possible.

Go ahead. Let out that sigh of relief you’ve been holding back.

Think of it this way. The process of filing for bankruptcy is designed to give you a fresh financial slate. Yes, future creditors will be able to see that you have filed. Yes, it will be more difficult to get an auto loan or mortgage approval. Don’t let these things hold you back. The fact that these things may be more difficult does not make them impossible and the further you get from the date of your discharge, the easier reestablishing your finances will become.

My clients regularly ask me whether filing for bankruptcy means they’ll never be able to obtain credit again. I often wonder if this question is the reason why so many wait so long – sometimes too long - to file. Even if it did mean you couldn’t obtain credit again, would you be able to repair your current credit score? For the majority, the answer is probably not.

The first step is the hardest and most important – contacting a lawyer and filing your bankruptcy petition so that you can obtain your discharge. Once that part is over, you can reestablish your credit and avoid similar situations in the future. We’ll talk about a few of those things in future posts.

Remember – millions of people are in the same situation you are in right now. Finding yourself in a position to file for bankruptcy doesn’t necessarily mean you were irresponsible or that you did something wrong. It simply means you need a little help finding your way back to a comfortable lifestyle.

Credit after bankruptcy, Oakland bankruptcy attorney

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jeena Cho, JC Law Group PC | Attorney Advertising

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