At Craft Law Offices, with locations in Greenville, Morehead City, and Rocky Mount, NC, we want you to feel comfortable asking the tough questions about bankruptcy. There are many myths about filing for bankruptcy, and many people have a preconceived notion that filing for bankruptcy means you failed. That’s simply not true. As bankruptcy attorneys, we often hear our clients voice concerns about life after bankruptcy. They fear that they won’t be able to take out loans for big investments like homes and cars. However, that’s not the case.
Bankruptcy is a way to create a new financial future when you’re buried by debt. After filing for bankruptcy, you are able to essentially start over and create a new financial future. This is not a bad thing, but an incredibly hopeful one!
If you currently own a home, filing for bankruptcy doesn’t mean that you will lose your home. In fact, you can usually keep your home and continue to keep making payments on your mortgage. And, if you decide that you want to sell your home after you file, you’re often able to do that as well.
But, what does life look like for someone who has filed bankruptcy? And what about buying a home after bankruptcy? After you file for bankruptcy, your filing will appear on your credit score for 7-10 years. However, you can often get a loan sooner than that. In fact, it’s not uncommon for people to be able to buy a new home or refinance their existing home as soon as 2 years after they file for bankruptcy. That’s impressive!
After you file for bankruptcy, rebuilding your credit is your key to being able to make big financial steps like buying a home or a car. The best way to do this is to consistently pay your bills on time.
For bankruptcy attorneys who are here to help you every step of the way, give us a call at Craft Law Offices in Greenville, NC. We’re ready to help you get your financial life back on track.