After you have reviewed and signed your bankruptcy petition and supporting schedules your bankruptcy attorney will file your documents with the local bankruptcy court in the jurisdiction in which you reside.

You will also be issued a bankruptcy case number, a bankruptcy trustee will be assigned to your case, and mail will go out to all of your creditors that you listed in your bankruptcy petition from the bankruptcy noticing center.

What can you realistically expect after you file for bankruptcy?

You won’t immediately be able to qualify for most conventional mortgages, car loans and the like. However, those loans will be within reach 2-3 years after discharge.

Creditors will likely flood you with offers of low-balance credit cards to help you “rebuild” your credit after bankruptcy.

Many of these offers come with activation fees and membership fees that could push you near your credit limit before you’ve ever used the card. And then late charges and over-the-limit fees will kick in, putting you right back where you started.

You may see a higher interest rate for your first few loans or credit accounts.

You’ll bounce back

If you handle those early accounts carefully, your credit can be stronger than it was before you filed and you’ll begin to see not only more credit available but lower interest rates and more favorable terms.

To file for bankruptcy can be complicated and have consequences but if done properly with the proper counsel you could be debt free and get the fresh start that you deserve.