Taking The Bank Out of Bankruptcy


Can any bankruptcy lawyer, even one who works in the Windy City actually make all of your financial troubles you’ve ever had disappear magically when your file for bankruptcy protection? The answer sadly is no – they most certainly do not have this magic power. But if they did, what do you think the first thing they’d do in order to ensure you don’t have to deal with bankruptcy ever again? What about removing the banks out of the equation?

I’ll bet if you’re reading this blog right now and are struggling about whether to file bankruptcy or not, you just said, “Absolutely”. Well, although we might get into personal or business financial issues because of the banks insistence on us paying back the money they lent us in the first place, the reality is that the banking institution is very important to the financial structure of any society. But, there are ways that once you’ve filed your bankruptcy, you can remove the hassle by the banks and still allow yourself to rebuild your financial strength.

Here are a few ways you can accomplish this:

1) Once you’ve filed, the Federal Court will send notification to every bank and lender who is noted on the court documents to NOT harass you any-further. This is one of the most important reasons that you’ll want to have a bankruptcy lawyer file on your behalf. Making sure that each bank and lending institution is properly notated ensures that the Court will have very little trouble in contacting these folks. And if they stop hassling you, you can take a deep breath and actually start planning your rebuilding strategy.

2) After you’ve filed and the case is cleared, instead of going to banks for credit rebuilding requiring high interest rates and making them more money; why not apply for a small secured credit card? These cards usually don’t have high interest rates and your limit is based on money you’ve already loaded onto your card. Using a secure credit card for purchases then automatically paying these bills via online transfers from your bank will not only build your credit, but it will ensure the banks don’t make money off you.

3) Learn from mistakes; don’t repeat them. After your bankruptcy is handled by a bankruptcy lawyer, you’re going to get a ton of letters from banks offering you ‘special offers’ to rebuild your credit. DON’T FALL INTO THIS TRAP. The truth is that they might provide you with a ‘good deal’ but eventually the interest will grow rapidly, and you might find yourself in the same situation.

We’d all love to remove the banks and high interest they charge from our daily lives. And after filing a bankruptcy, this is especially important. However, following the above advice will significantly reduce your reliance on the banks and provide you with good habits for rebuilding your financial life easier. Remember, when in doubt, a good Chicago bankruptcy lawyer will ensure to provide you with this type of solid advice; so make sure to ask.