Yes, there is life after bankruptcy. For the first time in a long time, you will not owe any money. You will not be subject to harassing phone calls and letters from bill collectors. But you will have to take the steps necessary to start re-building your credit rating.

The fact that there is a bankruptcy on your credit record does not mean that you will never be able to get new credit. All it means is that you will need to put time and distance between yourself and the bankruptcy filing; remember that the decision to give new credit (including a mortgage or a car loan) is based on what you’ve done lately, not what you did five years ago.