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If at all possible, avoid bankruptcy. It remains on
your credit report for 10 years and can affect your
ability to obtain future credit, buy a home, get life
insurance, or find a job for your entire life. Secured
credit cards requiring a full deposit for the amount
of the credit sought are typically the only type of
credit card you may qualify for and obtain for many
years. It remains in court records for twenty years
and most job, mortgage and credit applications ask if
you ever filed for bankruptcy. It is a Federal offense
if you do not answer the questions truthfully.
Filing for bankruptcy protection
can result in serious and long term consequences. Any
consumers considering Chapter 7 and 13 personal bankruptcy
are required to hire an attorney The bankruptcy reform
law requires that you complete a Personal Financial
Management Instructional Course.
Declaring bankruptcy may result
in loss of valuable personal assets or equivalent cash
value.
Another reason to avoid bankruptcy
is that personal bankruptcy can negatively impact your
social status.
There are many disadvantages
to bankruptcy, all of which point to why it is preferable
to avoid bankruptcy. After Bankruptcy, it may be extremely
difficult to buy or rent a home, obtain insurance, obtain
security clearance and/or buy or lease a car.
Whether one can avoid bankruptcy
and pursue another
debt solution depends on each individual debt situation.
Bankruptcy should be elected only when other options
fail. The best option for your debt situation can best
be determined by a Professional Debt Counselor.
ARE
YOU READY TO TAKE CONTROL
OF YOUR FINANCIAL SITUATION ?
MISSION CAN HELP YOU GET BACK ON THE MISSION
OF BUILDING THE BRIGHTER FUTURE FOR YOU AND YOUR FAMILY!!!
Fill out the simple form
on the right to begin the process |
