How does bankruptcy affect individual financially now and in the future?

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4 Comments
  1. Reply
    dude
    January 19, 2013 at 8:53 pm

    Bankruptcy hurts your credit. You will pay more interest when purchasing a car or a home.

    On the other hand if there isn’t a way out from under the debt load. It is a new start, with some baggage.

  2. Reply
    Zarg222
    January 19, 2013 at 9:19 pm

    it got the creditors off my back – got rid of debt when I was unemployed, recently divorced and paying child support and couldn’t afford teh payments anymore

    6 yrs later,bought my first house – have bough two more investment properties and some land since then and have no credit card debt and drive an inexpensive good mpg car

  3. Reply
    Jennifer Spencer
    January 19, 2013 at 9:59 pm

    Hi,
    I always call “Wize Debt” to seek financial advice. They are very helpful and it’s free.They managed to reduce my debt up to 58% and improve my credit score. I came across this company on NBC News.You can contact them thru this toll free number 877-854-3485
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  4. Reply
    Li Bankruptcy Lawyer
    January 19, 2013 at 10:35 pm

    First and foremost, you should seek the advice of a bankruptcy lawyer if you are thinking of filing for bankruptcy. There are also different types of bankruptcy that you can file, including chapter 7 and chapter 13. Under chapter 7 law, you can eliminate most kinds of unsecured debt including credit card debt; medical bills; most personal loans; judgments as a result of automobile accidents; and money due as a result of a repossessed or surrendered vehicle. The goal of a successful Chapter 7 bankruptcy is to allow you to keep all of your belongings and wipe out the majority, if not all, of your debt. You can also keep a credit or 2 and not have your bankruptcy apply to those debts.

    However, if your home is going into foreclosure, or you are in foreclosure, Chapter 13 law can be used to save your home. This type of bankruptcy lasts anywhere from 3-5 years and during that time, you pay your regular mortgage and car payments in addition to a monthly payment to the Bankruptcy Trustee that is assigned to your case. This is done by filing a “Plan” with the Court which shows the Court how long it will take for you to catch up, and how much money you will be paying to the Bankruptcy Trustee each month.Once you have caught up, your bankruptcy ends and you go back to paying your mortgage as you did previously to filing for bankruptcy. The mortage company cannot discriminate against you or take any action against you for having filed for Chapter 13. Finally, you can keep all of your assets, as long as you keep making your Chapter 13 payments, current monthly mortgage payments, and automobile payments.

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