What Does Life Look Like After Bankruptcy?

Life After Bankruptcy Is Not As Bad As You Might Think

Here at Galler Law, one question that we often hear from Georgia residents is, “What does life after bankruptcy look like?” Life after bankruptcy will look different for different people, as no two bankruptcy cases are exactly alike. One thing we have noticed – nearly across the board – is that life after bankruptcy is never as bad as our clients first think it will be. If you are worried about what life after bankruptcy will look like for you and your family, let us set the record straight.

Bankruptcy And Employment

Many of our Georgia bankruptcy clients worry about the effect that bankruptcy will have on their employment. Unfortunately, bankruptcy can prevent you from getting certain jobs, as there are companies who consider applicants’ credit scores when hiring for a position. Luckily, it is not this way across the board.

Still, if you are considering filing for bankruptcy in Georgia (and especially if you have already filed), we recommend hanging on to your current job until the dust settles. We also recommend saving a portion of each paycheck. By doing so, you will amass a cash reserve that you can rely on, should the need arise.

Your Credit After Bankruptcy

Another common concern that our Galler Law bankruptcy attorneys frequently address is how bankruptcy can affect credit. Bankruptcy can affect your credit in different ways than you might expect. While it may seem counterintuitive, many of our clients who have filed for bankruptcy in Georgia receive several offers for credit cards.

The reason for this is that those clients are no debt-free. When you are debt-free, many companies will want to sign you up for credit cards and get you spending again. Here at Galler Law, we typically caution our clients against signing up for credit cards after filing bankruptcy. After all, in many cases, credit card debt is the main reason that bankruptcy was required in the first place. 

One thing to keep in mind is that bankruptcy does not stay on your credit report forever (this is a common misconception). Bankruptcies typically stay on your credit report for ten years. Chapter 13 bankruptcies can come off your credit report in as little as seven years.

Better still, there are things that you can be doing to improve your credit even if you have a bankruptcy on your report. By keeping current on all future payments, you can slowly rebuild your credit.

Harassment From Creditors

In Georgia, filing for Chapter 7 bankruptcy means that creditors are debarred from calling you or otherwise attempting to collect debts. Unfortunately, we have found that creditors continued to harass some of our clients who successfully filed for Chapter 7 bankruptcy.

If you ever find yourself in this situation, contact Galler Law as soon as possible. What the creditors are doing is illegal, and we can put a stop to it. We can help you take legal action against these creditors.

Bankruptcy And Your Finances

Learning good financial habits takes time and effort. Luckily, there are many resources that can help you develop and maintain good financial habits. These resources include: 

  • Books
  • Websites
  • Podcasts
  • Seminars

These resources can teach you some helpful ways to reduce spending and increase savings. This will ensure that you never have to file for bankruptcy again. Of course, some of the best financial resources for you are the attorneys here at Galler Law.

To us, you are more than just a client: you are a person who is making an effort to get their finances – and life – back on track. Our goal is to help you achieve and maintain financial success.

Keeping Your House And Car

When it comes to “life after bankruptcy,” many of our clients are worried that they will not be able to keep their car or house. According to Georgia law, you may keep up to $5,000 worth of vehicles and $5,000 worth of personal property after filing for Chapter 7 bankruptcy.

To keep your vehicle, you must be current with all payments at the time of filing. Additionally, Georgia state laws allow exemption of equity on your vehicle. Similarly, Chapter 7 bankruptcy also allows you to keep your house in Georgia, provided that you are current with all mortgage payments at the time of filing. As with your vehicle, Georgia state law allows exemption of equity on your house.

If you are filing for Chapter 13 bankruptcy in Georgia, you can keep your mortgaged property if you restructure payment in a way that brings your debt to a manageable level. Chapter 13 bankruptcy allows you to make up for missed house payments, thus avoiding foreclosure. Chapter 13 bankruptcy can also help strip a junior lien from your residence.

Expect To Have Someone By Your Side

One of the biggest concerns that Georgia residents have when they are considering bankruptcy is that they will go it alone. We understand this fear, as bankruptcy is new territory for most of our clients, and no one wants to venture into new territory without help.

At Galler Law, we are here to help. When you hire an attorney from Galler Law for your bankruptcy filing, you won’t have to worry about going through this process alone. We will consult with you every step of the way and will help you take steps toward getting your finances back on track.

Galler Law is an experienced bankruptcy law firm in Georgia. We have over 30 years of experience providing bankruptcy help in Georgia, and we have successfully handled over 10,000 bankruptcy cases. We can help you with both Chapter 13 and Chapter 7 bankruptcy in Georgia.

We have had 99% of all our Chapter 7 bankruptcy cases discharged. There aren’t many bankruptcy attorneys in Georgia who can match these numbers. If you would like to know more about bankruptcy – as well as life after bankruptcy – call Galler Law today.