The whole idea behind filing for bankruptcy is so that you can move forward with life. This is what the court describes as a “fresh start / clean slate“. It’s a chance to wipe the slate clean, start fresh and new, and begin to rebuild your life. All the hassles that you’ve had to endure before (like rude phone calls, law suits, wage garnishments, bank levies, etc.) are wiped away in one broad stroke.
Once the debts are discharged, your opportunities to rebuild your credit score will be immediate. In fact, once the debts are officially discharged (within three to four months in a St. Louis Chapter 7 bankruptcy, and at the end of the plan period in a St. Louis Chapter 13 bankruptcy), your credit score will typically rise between 20 and 30 points just from that alone. Some people will even take a new credit card after their discharge, just so they can make small purchases and pay them off over time so as to rebuild their score more quickly (and believe me, the credit card companies will love to have you back, even if you discharged tens of thousands of dollars with them through your bankruptcy!!)
Another important factor that should be recognized is the reduction of stress that normally accompanies the filing of a bankruptcy. Once the debts are gone, it is like relieving yourself of an enormous burden that had been hanging over your head for years. The creditors can no longer contact you, and you are no longer obligated on the debt. Indeed, most of the clients that I meet with at the initial consultation feel greatly unburdened and start to relax after I have explained everything to them.
The choice of whether to file for a Missouri bankruptcy is of course a very personal one. No one can make that decision but you. But the only way to determine if in fact it is the best course of action is to speak with someone who is an expert in the field. The St. Louis bankruptcy lawyers at Brinkman & Alter, LLC have been assisting clients for years, and have helped thousands of people get back on the road to financial recovery. All our phone calls and office consultations are free of charge.