Can I Bounce Back From Bankruptcy?

Can I Bounce Back From Bankruptcy?

Can I Bounce Back From Bankruptcy?

Filing for personal bankruptcy can be very scary for potential filers in the state of Wisconsin. Fortunately for some, they have the opportunity to work with a Wisconsin bankruptcy attorney. Having a Wisconsin bankruptcy attorney represent you can help ease and alleviate some of your concerns. One question that every single Wisconsin bankruptcy attorney has undoubtedly heard at one time or another is: Is it possible for a filer to bounce back and live a fruitful financial life following a personal bankruptcy, and if so, then how? The answer to that question is yes, it is definitely possible to resume a quality financial existence after a bankruptcy filing. You do have to remain patient and optimistic because realistically speaking, it will not be easy but it has been done and will be done numerous times in the future. Becoming familiar with a popular lending philosophy is a great start in a successful post bankruptcy recovery process. Many lenders subscribe to the lending credence of ability, stability and willingness to pay. If you can prove those three things then lenders are more willing to take a chance and extend credit to you. What is probably more important than simply being able to prove those things is being able to prove those things consistently over time. One's ability to repay a debt lies within one's monthly income versus monthly output. Generally speaking, if you have more money left over at the end of the month than bills then you have an ability to pay a debt, depending on the amount of the debt. One's stability is basically consistency over time. This can be demonstrated through a certain number of years at the same place of employment or living in the same home. One's willingness to pay is usually viewed using one's payment history. Just because a person has the stability and ability does not necessarily mean that they will pay so the best indicator of future payment is one's past payment history.

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