Will My Life Improve After Bankruptcy?

As we referenced in this post, our team was curious about how our clients are doing now – after their bankruptcy has been discharged. Many new clients just want to know “will my life be better after bankruptcy?” So we went back and asked our past clients and we are happy to share their responses.

Twenty-eight past clients responded, all of whom have filed bankruptcy in the past seven years. The details of their bankruptcies vary, with 78% filing Chapter 7 and 22% filing Chapter 13, but overall our past clients who responded report that they are thriving post-bankruptcy.

The big-picture question our team was interested in was a qualitative one – how are they doing now? Individuals considering bankruptcy want to know this as well – how will they be doing a few years down the road if they decide to take this step?

To answer this question, we asked our clients “has your quality of life improved because of your bankruptcy filing?” 96.5% (27 of 28 responders) answered yes, the quality of their life has improved.  25% even responded they wish they had filed earlier, knowing now how their lives have improved. As a bankruptcy attorney this is gold – a light at the end of a sometimes very dark tunnel for current clients.  A happy client sent this e-mail to paralegal Cindy Baker and me:

Thanks again to both you and Cindy for the work you two provided to help me end this horrible chapter of my life.  Removing this albatross from around my neck is finally allowing me to breathe again and I truly appreciate all you two have done for me.  You’ll both remain in my prayers of thanksgiving for the people I care about.  Be blessed.

So will your life improve after bankruptcy?  I don’t know because I don’t know your particular situation.  This survey result, and our experience generally, tells us that people who think about bankruptcy should get good information from a bankruptcy attorney.

Disclaimer: We are attorneys, but we are not your attorneys and this article does not create an attorney-client relationship. The information in this blog post is provided for general information purposes only, and may not reflect the current law in your jurisdiction. No information in this blog post should be construed or seen as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter.