Well, in some countries you can't get a loan from any bank for the next 7 years when you file for bankruptcy.
It affects many aspects of your life. Years ago when you filed bankruptcy your credit was golden after wards.
Now you pay higher interest on loans such as cars a homes. So in effect you get deeper into debt faster. The credit companies know that you can't file for another 10 years so they have you by the 'short curlies'... Not a good scenario at all.
Bankruptcy has a big affect on any credit that you may have.
There are good points and bad points.
If there is a different way out then it is better to take it, like refinance your debt and then pay it of the fastest way you can.
Either way you will have to deal with this one way or an other.
The things to remember are what you need.
SHELTER You need a place to live.
FOOD You need to eat.
HYDRO You need to keep the light on
PHONE You need a cheap phone line for emergency
TRANSPORTATION. and you need to get to work.
These 5 are the most important.
this can have a serious affect on your life. Thanks for the info.
The Apartment complexes are at full capacity so they are very picky when you fill out a credit application. It’s not just foreclosures, but broken leases, evictions, and just bad credit are all effecting everyone from getting into a nice community.. We have seen clients that were denied from situations that happened over 5years ago. Our Company is designed to give everyone a second chance despite past: Broken Leases, Foreclosures, and Bankruptcies. We are a rental guarantee service. To qualify you must have a job. Once you are signed up each and every month we report to the credit bureaus to help re-establish their credit. We also have a credit repair company that will take it even further. If no one sets up a program to help then folks will never ever get out of this situation. We have seen that when you have bad credit you’re limited to where you are allowed to live with your family. With our service you can live where you want not where you have to. You can go to www.ez-lease.net. The economy has effected allot of customers but this is a way to help them get their lives in order again. "You can have everything in life that you want if you just give enough other people what they want."
— Zig Ziglar
What type of bankruptcy are you speaking about? Typically it is either Chapter 13 or Chapter 7.
This question warrants a lot of answers. The most significant affects of bankruptcy are:
1. Negative impact on credit history (reporting remains for 7-10 years)
2. You must wait approximately 5-7 years before you can purchase another home (depending on the lender)
Both points affect you severely since any time your credit is run they will see a bankruptcy on your history and many companies have rules about lending - even setting up accounts - to people that have filed bankruptcy.
The better question to ask is WHY would you need to file bankruptcy? What are your reasons? Before considering this option, you need to seriously sit down with a bankruptcy attorney and weigh your options. Bankruptcy severely affects you for several years and you need to have all the information you can to make the best, and most informed, decision.
Hope that helps!
Bankruptcy may also affect your ability to lease rental property and find employment. Employers are able to ask if you have ever filed for bankruptcy before. Even if it has been a long time since your bankruptcy, you must disclose this information or risk having your employment terminated for lying about your background. Rental property owners may also check your credit history before offering you a lease. Many rental property owners are not willing to provide housing to individuals with a bankruptcy on their record.
Once you have been made bankrupt all assets belonging to you come under the control of the Trustee, including your home.
Visit http://www.bankruptcy-insolvency.co.uk/ … ruptcy.php for more detailed information.
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