Consequences Of Bankruptcy
Most people worry that the consequences of filing or declaring bankruptcy are nothing short of losing everything you ever owned. This could mean the home you tried so hard to save, or a startup dream gone wrong.
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Contrary to perception, filing for bankruptcy does not leave you without a home or possessions, if handled professionally. Whether you are facing harassment in the form of collection calls, or you are in danger of losing your home, or you now want to start over again, filing for bankruptcy can give you a new start.
Some of the consequences you may expect from filing a bankruptcy:
- Depending on which Chapter you filed under, a bankruptcy can reflect on your credit report for as many as ten years. A Chapter 7 bankruptcy remains for 10 years and a Chapter 13 bankruptcy remains for seven years.
- A bankruptcy listing on your credit score can affect your chances of employment.
- If you need a new line of credit, a bankruptcy that reflects on your credit report can hamper your chances.
Remember, even if you had a good credit score to start with, a bankruptcy will bring it down by as many as 100 points. The actual impact will depend on the kind of scores you had, to begin with, and the different accounts involved in the bankruptcy. Somebody with a poor score to begin with, may not get as affected.
What we do
At Legal Rights Advocates, we are a team of lawyers who understand bankruptcy. But more importantly, we believe in connecting with our clients to understand them better and help ease their anxieties. Understanding our clients better also helps determine the kind of bankruptcy applicable, thus arriving at a more effective solution. At times, this has allowed our clients to rebuild their credit and lead a normal life again.
Give us a call at (855) 254-7841 to discuss your situation and to better understand the consequences and advantages of filing for bankruptcy.
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