I cannot tell you the consequences of YOU personally filing bankruptcy, because I cannot give legal advice.
I have seen the difficulties associated with the consequences resulting from a bankruptcy filing. It is amazing to watch the changes over the last 26 years.
In today's world, there are companies who WANT to work with our bankruptcy clients! They have special credit card offers, bankruptcy specialists at auto sales and for mortgage loans.
These special cards and arrangements will carry a higher interest to cover the risk they are taking. It is important to have legal advance to determine if your amount of debt you feel must be discharged is worth the consequences and is their alternative way out.
I have enjoyed the experiences of people that have really learned how they ended up in the need of a bankruptcy (whether it is spending habits or a unforeseen crisis) and taken the steps to make every payment including utilities on time. This efforts pays off in re-establishing and utilizing that fresh start we hear about so often with bankruptcy.
Most filers want to rebuild credit as soon as possible.
You can research (preferably in advance) what will happen if you file for bankruptcy and you want to lease an apartment, buy a car, or purchase a home. You can speak to the apartment managers, talk to a special finance manager, consult with a real estate mortgage expert, and consult with a bankruptcy specialist.
Credit is very important. Most have experienced the trouble of having negative credit.
Starting over with your fresh start will take effort and work. It will also be worth it. I have not heard a single regret from filing since 1992. I hear relief. The worse I hear is some regret messing up again after they file... too many credit cards and don't pay on time again...repeating learned and practiced bad behaviors. I have filed a second bankruptcy for many of my clients in the last five years. Most explained to me it is because they rebuilt their credit too good and overextended again. In the past three years, I have prepared most cases that are economy damage. I enjoy my career because my clients are so happy once the discharge comes in and the freedom of the chaos is over.
Get legal advice, get a book on finances, or some way to assist yourself in getting on track. One of the best classes I have seen is provided by first time buyer programs. Credit Counseling
Remember to get your credit report free every year to review your progress Annual Credit Report. Share these consequences on Facebook...
This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own.
All documents typed were previously prepared by Rica Gilmore; however, Process My Papers uses multiple successful preparers and your case will be assigned immediately to your personal preparer.