The Most Common Question
In over 11 years bankruptcy practice, the questions I hear most are based on clients' fear of what will happen to their credit. From "Will I ever be able to get another credit card?" to "do you think I will be able to qualify for a mortgage or a car loan?", I have heard every possible fear surrounding this issue from my clients.
This is one of the reasons I keep in touch with clients after they file bankruptcy. First of all, I like to know how they are doing now their debt is discharged and secondly, I always love to hear their success stories of how they have not only rebuilt their credit, but how they have flourished.
One of my favorite success stories is of an older gentleman who saw me in the middle of 2014. He was in need of a divorce and a bankruptcy. We decided to first pursue the divorce and then file bankruptcy.
The client really didn’t want to file for bankruptcy and put it off for just that reason. Finally after almost 2 years, he gave me everything we needed to file. I filed his case in December 2016. We went to court, and his case discharged without any fanfare.
In the second week of April 2017, I received a phone call from him telling me how excited he was to finally purchase a car! He was able to get financing and the interest rate wasn’t high despite his bankruptcy filing.
Pleasantly surprised, I looked to see when his case had closed out by the court and that was on March 9, 2017. So in less than a month’s time he was able to get back to a place where he was able to finance a vehicle!
While I can tell my clients over and over they will be fine and will in fact flourish after the filing of a bankruptcy, real-life examples really show the value of filing to help get back on a positive track.