Ostrander Law Office - Consequences of Filing for Bankruptcy Relief

At the Ostrander Law Office, most of our clients are concerned primarily with easing the immediate pressure of particular debt problems - whether they involve mortgage foreclosure, garnishment of wages, or preventing the seizure of assets under a tax lien.

At the same time, our clients are also concerned about the longer term effects of bankruptcy and eventual access to credit. Call us toll-free in Northampton to schedule a free initial consultation, and we'll be able to give you a good idea of what to expect after bankruptcy, as well as how the bankruptcy process works from filing the initial petition to your eventual discharge.

You'll be sure to notice the most obvious and immediate effect of filing for bankruptcy - the benefits of the automatic stay that prevents your creditors from trying to enforce their claims against you. Longer term, however, most debtors, particularly those with regular incomes, can expect the following:

• An improved credit rating
• Access to credit cards on a secured basis and, surprisingly soon, unsecured basis
• Qualification for mortgages and car loans surprisingly soon after receiving the discharge

Many lenders and providers of credit regard persons who have had their debts discharged in bankruptcy as better credit risks than you'd think - first, you won't have the same burden of prior debt; and second, the Bankruptcy Code prohibits filing for bankruptcy protection within eight years of an earlier Chapter 7 case.

If your debt pressure is heavy enough to cause you to consider filing for bankruptcy to begin with, chances are that your credit rating is none too attractive anyway. Bankruptcy protection can be a good first step toward rehabilitation of your credit.

Additionally, you should be aware of the federal laws against discriminating against a person because they are or have been in bankruptcy. These laws cover prospective employers and government benefit programs.

For additional information about what the consequences of filing for bankruptcy are likely to be in your case, contact the Northampton debtor's lawyers at Ostrander Law Office.

Western Massachusetts bankruptcy lawyers at the Ostrander Law Office advise individuals, families, and small businesses about the consequences of filing for bankruptcy, including its effect on a poor credit rating or FICO score, under Chapter 7 or Chapter 13. Northampton debtor's attorneys David Ostrander and Denise Shear serve clients in Hampshire County, Franklin County, Hampden County, Berkshire County, and Worcester County, including Springfield, Pittsfield, Chicopee, Amherst, Holyoke, Easthampton, Greenfield, Westfield, North Adams, Deerfield, Great Barrington, and South Hadley MA.