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Although bankruptcy is appropriate for some individuals there are many reasons not to do it. The reality is that even after ten years bankruptcy leaves a mark. Every time you fill out a credit application they will ask you if you have filed for bankruptcy which can affect the approval outcome. It may affect your ability to rent or buy a home any time in the future. You will not be excused from certain debts, including Federal Student Loans, IRS debt, and child support. It may also effect your privilege of using credit to purchase necessary items and even the ability to make plane and car reservations. Even if the bankruptcy has fallen off your credit report, to answer this question untruthfully is considered a federal offense. For most people filing Bankruptcy is a permanent decision that should only be considered as an absolute last resort to solving your debt matters.
• Filing Bankruptcy - Do I want to give up my credit for a 7-10 year time period?
• Filing Bankruptcy - Will I ever need to purchase something in the future that would require a credit check?
• Filing Bankruptcy - Will I ever apply for a job that filing bankruptcy will be an issue?
• Filing Bankruptcy - Do I want this to be a part of my credit history for the rest of my life?
• Can cost up to $2,500 to file.
• May have a negative impact on your employment status.
• In a Chapter 13, you may end up paying 75-100% of your debts back.
• Chapter 7 will eliminate all of your unsecured debt, but is extremely difficult to qualify for (permanently disability, extreme poverty) and you may lose assets such as your home, vehicle, or boat.
• May result in higher interest rates on future loans.
• Carries a negative stigma, mental stress, and other burdens.
• Truly a last resort. Bankruptcy should be avoided if at all possible.
Before you make the important decision dealing with your financial situation, make sure you read over all the facts and understand the steps completely that you are about to take. Our program's goal is designed to keep you from going into bankruptcy with flexible payments and understanding professional staff that works with you throughout our program. Your debt will be settled in 18 - 36 months. Bankruptcy can not only be difficult to qualify for but also very damaging to your future credit scores. In most case you might not qualify for a Chapter 7 bankruptcy and as a result it will leave you having to re-file for a Chapter 13 bankruptcy in which case you will still have to pay some of the debt back to the creditors. On top of having to still pay the debt back the bad bankruptcy remarks on your credit report will not start until the debt is paid back. Some people have no other choice but to file for a bankruptcy, many individuals would be a better candidate for a debt settlement program.
Do you have questions about how to get out of your current financial situation? Our free consultation can help if you are considering bankruptcy, or just trying to find a way to eliminate all of your high interest payments into one low monthly comfortably budgeted program. One of our experienced Debt Consultants will consult with you about your financial problems absolutely free. Either fill out the form on the right side of the page including your contact information or call Toll Free: 888-242-4289.
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