Lesson #4: Should Or Shouldn’t I File for Bankruptcy?
Being under water financially can be scary & stressful. There are Pros & Cons of filing Bankruptcy, but bankruptcy IS NOT the end all solution for a “fresh” start! You need to examine ALL your options before deciding if this IS or IS NOT the best choice for you!
If you even qualify for a bankruptcy, it may improve your short-term quality of life and possibly keep you from losing your home, car and other assets, but did you know that a bankruptcy stays on your credit reports for 10 years and will affect your possibilities of future credit, a job or promotion, and life insurance?
Not all debts may be “discharged” in a bankruptcy. Student loans and back taxes (within 3 years) are prime examples. A recent bankruptcy makes it nearly impossible to get a mortgage (although you should be able to do so within about five years).
You may also end up only qualifying for a Chapter 13 which means you will be put on a plan to pay the creditors back over a 3 to 5 year term and you will have to wait until this time is over before applying for new credit.
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Looking forward to changing your financial future!
Lesson #1: Why Credit Monitoring Is So IMPORTANT!!!
Lesson #4: Filing Bankruptcy – Should I Or Shouldn’t I?