Managing finances, both at the personal and business level, is not as easy as many people think it is. There are times when things go wrong, resulting in losses, debts and, consequently, insolvency. Many people view filing for bankruptcy as the easiest form of debt relief. While the process does keep the creditors at bay and gives you time to reorganize yourself financially, it also leads to many other financial consequences.
One of the most limiting consequences of filing for bankruptcy is losing unlimited access to the services offered by banks and other money lending institutions. Most bankrupt people find it very difficult to even do as little as opening a bank account. Hiring a Bankruptcy Lawyer is one of the easiest ways to start rebuilding credit scores after filing for bankruptcy.
Rebuilding the ruined credit score
When you have declared bankruptcy, it is difficult, almost impossible to borrow money from the bank. Most people that successfully file for bankruptcy claim that it takes at least seven years on average to get the bankruptcy completely off their financial record. Most banks have policies that prohibit them from opening accounts for people with bankruptcy in their financial record. The best thing that you can do after successfully filing for bankruptcy is start rebuilding your credit as soon as possible. Most of the times, the court will require you to take a credit counseling course before your bankruptcy is discharged. However, bankruptcy lawyers can help you speed up the process of regaining financial freedom.
Are there banks that offer loans for bankrupt people?
There are a few banks that allow bankrupt people to open and operate accounts with them. The bank accounts are quite friendly to the customers because many are operated with very low monthly charges. However, they regulate the services that you can get from them a lot, for instance:
1. Most of the banks will only allow you to have a debit card if you are bankrupt.
2. They will not offer you overdraft services.
3. While the operating costs may seem low, failure to use the account for more than two months will attract additional charges.
In short, these accounts are simply a store for your money, and a route to making payments. To get unlimited services, get a competent Bankruptcy Lawyer from Willcox Law Firm. Visit us for details.
