Is There Life After Bankruptcy?
The Law Office of Charles Rich
901-323-0890 ∙ E-Mail
At the Law Office of Charles Rich, in Memphis, Tennessee, we have helped thousands of people successfully file for personal bankruptcy under both Chapter 7 and Chapter 13.
For many of our clients, the decision to file for bankruptcy is a difficult one, even though they are struggling with a real mountain of debt. One of our clients' main worries: What effect will bankruptcy have on their ability to get credit in the future?
What We Tell Our Clients About the Effects of Bankruptcy
The short answer: It depends on the creditor and how each creditor analyzes your credit history and your credit risk.
That said, it is rare for our bankruptcy clients to be completely denied any form of credit after they file for bankruptcy. Many of our clients are able to open new credit card accounts, take our auto loans, and even get approval for a home mortgage to buy a house after bankruptcy.
You may have to accept a higher interest rate — because the creditor might view you as a high risk. However, other creditors look at applicants who recently filed for bankruptcy as good credit risks, because your debt ratio will be low and you will be unable to use Chapter 7 bankruptcy again for another eight years.
The Most Important Message About the Long-Term Effects of Bankruptcy
We know how important it is for our bankruptcy clients to be able to access credit after a bankruptcy filing. We will help in any way we can.
However, we also urge our clients to be careful with applications for credit after a bankruptcy filing. Bankruptcy gives you a fresh financial start — don't use your fresh start to immediately fall back into debt.
More Information About Bankruptcy
We also urge all our clients to get as much information as possible about bankruptcy before they decide to file. It is an important decision that should not be taken lightly.
To help with information gathering, we are pleased to provide additional general information about the bankruptcy process on the following pages of our Web site:
- Bankruptcy Information Center
- Bankruptcy Overview
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- What To Do Before Filing Bankruptcy
- Stopping Home Mortgage Foreclosures
- Bankruptcy Myths
Get Bankruptcy Advice From a Lawyer With More Than 30 Years' Experience
Our law office is led by attorney Charles Rich, who has practiced bankruptcy law in the Memphis area for more than 30 years. Mr. Rich has guided thousands of clients through the bankruptcy process. He personally handles every stage of each client's case with the efficiency that comes from decades of experience.
For a free and confidential consultation with an experienced bankruptcy lawyer, contact our office. We will answer your questions and discuss your options in a comfortable and respectful setting.
To schedule an appointment, call 901-323-0890 or send us an e-mail.
Complete our bankruptcy case evaluation form.