August 30, 2010 – 4:53 pm
Today their are plenty of bankruptcy attorneys posting ads all over TV looking to give you the so called easy way out of your debts but is it. Before you can consider ever reason bankruptcy will solve your problems, you also need to consider what is life after bankruptcy like?
In this article I’m going to cover three things that could change you life after filing bankruptcy and give you several question you think about before you consider the big “B.”
Loans and Credit
The first thing that will change in life after bankruptcy discharge is the availability of loans and credit. In most cases your loans will be either liquidated or put into a payment plan and paid off over time.
Your credit score will be lowered dramatically with it now bearing the scar of bankruptcy. In fact you will not be able to get any type of loan for at least a couple of years.
The average bankruptcy will last on your credit report for a minimum of 7 to 10 years. This means no more credit cards, mortgages, car loans, or any other loans for that fact. Your life will literally come to a stand still as credit and loans will dry up like a dessert.
You will have to rely on cash only to survive. No more quick and easy credit cards to pay for dinner or a night out on the town. You will have to live a slimmed down lifestyle that will require you to have a strong will and a ton of patance.
Do you have the will?
Housing
The next thing that may change for you is where you live. If you are filing a chapter 7 bankruptcy you may lose your home, however with a chapter 13 bankruptcy they may be able to impose a homestead exemption to protect your home from being lost. However if your hom
Read more…
Posted in Financial News | No Comments »