What Happens After You File For Bankruptcy?

If you are considering bankruptcy as a means of resolving your financial struggles, it helps to have as much information as possible. It is a difficult decision for many people, as they fear the negative consequences or perceived stigma.At Gregersen Law, we are here to tell you what you need to know. We will answer your questions, address your concerns and give you the clearest idea of what to expect. We understand the emotions involved and seek to make the process as smooth as possible. We are a Salt Lake City bankruptcy firm dedicated to helping Utah clients in Clearfield, Layton and other areas get the financial help they need.

The Realities About Life After Bankruptcy

Bankruptcy is not without consequences. Most people find, however, that the benefits outweigh the challenges. Bankruptcy can stay on your credit report for up to 10 years. Obtaining credit will be more difficult, but not impossible. Bankruptcy may affect other areas of your life such as insurance rates, employment opportunities or security clearances. These do not apply to everyone and may be temporary. Finally, some debts are not dischargeable. Before you file, we will review possible scenarios and options to be sure you choose what is best.

The Benefits Add Up

Despite the negative effects, bankruptcy is a powerful tool you can use to obtain a fresh start.

  • With Chapter 7, most of your debts are discharged.
  • With Chapter 13, you repay debt and discharge the rest.
  • You can re-establish and rebuild your credit after bankruptcy.
  • Your credit score may improve after filing.
  • After several years, your access to credit will improve.

Bankruptcy is not for everyone. If you are interested in learning more, we can help. Visit our FAQ page or contact us today.

Rebuild Your Credit — Free Consultation

During a free, no-obligation consultation, we will review your financial situation with you and discuss options that best fit you. Contact us at (801) 747-2222. We make payment easy — through debit cards and payment plans.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.