How Will Claiming Bankruptcy Affect My Life?
Answers
Typically you cannot buy anything like a car, house etc. for at least 7 years after filing for bankruptcy.
answered 2 years ago
Filing bankruptcy is a major step in your life. If you have gotten into debt so far that you can not pay your bills or if you have had a major set back in your life that has left you in a position to where you can not pay your bills. You may not be able to do some of the things you have done in the past. You also have to pay your lawyer up front in 95% of the cases or they will not represent you and that can be a couple of thousand dollars or more.
answered 1 year ago
The question was how bankruptcy will affect the life of a person. Not whether he qualifies or not.
Neither is it true that your life ends for 7 years after you file. No one can put you in a comma that long. You actually will be able to build your credit up immediately. In fact, most people that file bankruptcy have terrible credit and as such creditors refuse to extend credit for fear of them actually filing and including their debt as well. By filing bankruptcy your going to get a break and it will actually give you opportunities that you did not have pre bankruptcy. You may end up paying a higher amount for a loan but that loan was not available to you before you filed bankruptcy because your credit was likely shot. Of course, if you had a lavish lifestyle before the bankruptcy and you are filing because of issues outside of debt (example: filing bankruptcy to avoid a inevitable lawsuit or filing bankruptcy to get out of a bad business decision) then your likely going to see some changes. But, that is why the rich have financial statements and do not use credit reports to get loans etc. , or go into business with personal liability.
Good luck.
answered 1 year ago
You will still be able to purchase a car but the interest rate you pay will be high. Only list who you owe money to in the bankruptcy. Apply for a low balance credit card before you file bankruptcy for emergencies and don't list it on the bankruptcy, keep the payments current. This is help to reestablish your credit.
answered 1 year ago
- Bankruptcy
- General - Money
- Benefits
- Loans
- Tax
- Bank Accounts
- Insurance
- Mortgages
- Income Tax
- Investing
- Credit Cards
- Debt
- Interest Rates
- Stock Markets
- Transfer Money
- Fraud
- Car Insurance
- Pocket Money
- Life Insurance
- Payday Loans
- Estate Planning
- Tax Credit
- Stamp Duty
- Remortgages
- Inheritance Tax
- Medical Insurance
- Credit Unions
- Bank Charges
- Child Trust Fund
- Money Software
- IVA
- Contents Insurance
- House Insurance
- Death Duty
- more ...
- What happens when you have no money, and no job and you cant pay your credit cards and you cant claim bankruptcy ?
- How do I claim for compensation if I've been in an accident?
- I have been in a minor collision and hurt my neck. Can I make a claim?
- If the Sun became a red giant would Earth still be able to support the life amongst it?
- What are the different types of bankruptcies and for whom are they applicable?
You will not be able to obtain credit of any kind.
comment made by Hoby 1 year ago
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