Denver Bankruptcy Attorneys - Law Office of Andrew McKenna

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  • Life After Bankruptcy

    Well, this is it. It’s here. The moment you have been waiting for. Your bankruptcy is complete. You are free to go and begin a new life. For three-quarters of those who file, a Chapter 7 bankruptcy has likely eliminated credit card debt, and other unsecured debts like medical bills. If they still have their house or car, it’s by their choice and the loans likely match the present value.

    For the rest, a Chapter 13 filing has drastically simplified their lives and permitted them to come up with a payment plan they can live with and still enjoy life. For the Denver bankruptcy lawyers at The Law Office of Andrew McKenna it’s our favorite moment. The only thing that comes close is at the beginning of a case when we see the relief on the faces of clients who realize the collection calls will stop almost immediately.

    For those filing Chapter 7, the process typically takes six months or less. For others, the process may last a little longer but the relief is already here to stay.

    Benefits after Bankruptcy in Denver

    • Your credit score: Filing bankruptcy was rock bottom. Your credit was likely already ruined by bad debt, maxed out credit cards and late payments. You now have a fresh start. Many rebuild good credit scores in a few short years by using credit sparingly and appropriately. The truth is that those who have gone through the bankruptcy process often emerge as conscientious consumers and discerning credit users.
    • Credit Cards: The offers are likely back in your mailbox already. The companies know there is one way to recoup losses – new accounts with new balances and new interest payments. Your interest rates will likely be higher than average for awhile – but maybe not as high as the default rates you were stuck with before filing. Most consumers will be extra cautious, and with good reason.
    • Car Loans: Most will be able to get a car loan soon after bankruptcy, if they didn’t keep their existing vehicle through the process. Again, you interest may be a little higher for awhile. Cost of doing business.
    • Home Loans: Two years is about what people are reporting it takes to get banks to consider you for a mortgage after bankruptcy – even in the more conservative environment that has followed the Great Recession and the implosion of the housing market.

    For some, the slide into debt and bankruptcy was quick, and occurred because of a medical emergency or lost job. For others, it was a slow weight added over years as the debts piled up and the credit card balances switched from one teaser rate to another. However, there are many other less tangible consequences of bad credit.

    Consequences of Bad Credit in Colorado

    • Apartments: Poor credit may have prevented you from being approved for an apartment lease.
    • Jobs: That job you almost landed? Might have missed out because of poor credit. More and more employers are looking at the credit profiles of potential employees when making hiring decisions. It can be a window into whether an employee is responsible in his or her personal life. Bad debts can also make it more likely that an employee will get desperate enough to steal. While a bankruptcy will appear on your credit report for a number of years, it shows you proactively dealt with your problems and they are behind you.
    • Car Insurance: Your car insurance may have been higher because of poor credit. Insurance companies have decided those with poor credit are a higher risk and may even be more likely to commit insurance fraud.

    Now that you have come through bankruptcy, you will not be subjected to any of those consequences or a dozen others. The future is yours. Enjoy.

    Contact a Colorado Bankruptcy Attorney Today

    If you need bankruptcy assistance in Denver or would like more information, call The Law Office of Andrew McKenna today at 303-730-8819for a free consultation or contact us online. We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code. Serving clients in Denver and throughout Colorado, including Aurora, Englewood, Lakewood and Boulder.

    Denver Bankruptcy Help – 303-730-8819– Free Consultation

  • ANDREW McKENNA’s CREDENTIALS

    20 Years of Experience
    NACBA Member
    Only represents consumers
    BBB Accredited, A+ Rating

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    North Metro Denver Office – 11154 Huron
    St. Northglenn, CO 80234

    South Metro Denver Office – 3801
    E. Florida, Suite 400, Denver, CO 80222

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