Life After Bankruptcy: Learning from Detroit

 Posted on July 25, 2023 in Effect Of Bankruptcy

When an individual files for bankruptcy, their focus naturally tends to remain on the urgent financial needs that prompted them to file for debt relief in the first place. They may have concerns about life after bankruptcy, yet, the very act of filing for Chapter 7 or Chapter 13 protection indicates that one’s financial situation is so dire that thinking ahead has become a luxury.

When the dust settles, a bankruptcy filer may start to focus more on both the temporary, negative consequences that their filing has inspired and on rebuilding their credit. It is at this phase of the bankruptcy process that learning from Detroit can come in handy.

Eating an Elephant

Ten years ago, Detroit, Michigan became the largest-ever city in the U.S. to file for bankruptcy. The city is now experiencing new growth and new opportunity but getting to this point was not an easy journey and that journey is not yet over. One building inspector described the experience of rebuilding and revitalizing the city as “We’re eating an elephant here,” when interviewed by the New York Times.

Although rebuilding one’s credit and regaining one’s financial stability is not as complex nor as time-intensive as revitalizing a city, both individual filers and the city of Detroit share the reality that bouncing back from bankruptcy requires intention, dedication, and time.

Enjoying a More Hopeful Future

Filing for bankruptcy results in significant short-term benefits, including the automatic stay and the discharge of qualifying unsecured debt. However, securing a fresh start can also lead to a far more stable, manageable financial future. Rebuilding one’s financial foundation does take time, as bankruptcy does not solve every financial challenge. Yet, dedication to creating a brighter future can potentially pay off in untold ways.

Explore Your Circumstances with a San Antonio Bankruptcy Lawyer to Learn More

If you are dealing with overwhelming debt, it is going to be important to have a compassionate San Antonio, TX bankruptcy lawyer in your corner who cares about more than getting your case filed. By attending a free case evaluation at Law Offices of Chance M. McGhee, you will meet with a lawyer who is concerned about setting your financial future up for success, in addition to stabilizing your financial present.

To learn more about the bankruptcy process and life after bankruptcy, you can call the office directly at 210-342-3400 or you can submit your contact information on the firm’s website and you will be contacted shortly. Either way, you will be taking an important step toward making truly informed decisions about your options now and moving forward.

Source:

https://www.nytimes.com/2023/07/16/us/detroit-bankruptcy-anniversary.html