Life After Chapter 7 Bankruptcy
Aurora Illinois Bankruptcy Lawyers & Attorneys
David Siegel: Yes. There is life after bankruptcy. You can qualify for a mortgage after two years. You can qualify for a vehicle loan immediately, or you can wait until the discharge which takes about 120 days. You're going to pay a little bit of a higher interest rate, but you're going to be able to get an auto loan. Credit card offers will come as well, but they're bad deals at high interest rates. They're annual fees. I would recommend a debit card where you're taking the money out of your own checking account, but you have the Visa and MasterCard logo for convenience, or you get a secured card where you put a certain dollar amount in a bank account, and that is your charging privileges which can sometimes be extended once you show that you make your payments on time. There is life after bankruptcy, and usually a much better life than what you're in when you're in debt.
Jesse Barrientes: In fact, Dave, you offer a book, The Complete Guide To Surviving Personal Bankruptcy.
David Siegel: Yeah. Chapter 7 Success is a book I wrote, and it's all about the knowledge that one needs to qualify and go through the process, not so they can do it themselves, because this is not something they want to do by themselves. You want to do it through a qualified Aurora bankruptcy attorney, someone who handles bankruptcy on a day-to-day basis, but it makes them feel more comfortable about the process, because bankruptcy has such a negative stigma to it, especially in the past, not so much now. People are still fearful of bankruptcy. They think they won't be able to live anywhere, they won't be able to get a car, they're never going to get a job. These are things that the book lays out in detailed terms so they feel more comfortable.
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See Also:
Chapter 7
Misconceptions about Chapter 7
Life after Chapter 7 bankruptcy
Privacy is protected in bankruptcy
Household income qualifications
Converting Chapter 13 to Chapter 7
Converting Chapter 7 to Chapter 13
Chapter 13
Using Chapter 13 to save a home
Choosing Chapter 13 versus Chapter 7
Debt consolidation & late fees
Administrative fees & the bankruptcy trustee
Chapter 13 payment plan dismissal
