How Will Claiming Bankruptcy Affect My Life?

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.

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.

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.

It will be a long time before anyone will leaned you money again.I went bankrupt a few years ago and I still have trouble getting anything I still have no credit and no one will give you any.The worst is your treated like a criminal,I find you get a longer sentence then someone who hurt someone.I wish you all the luck ..Take care and if you don't need to file for bankruptcy I would suggest you don't. Tim

If I claim bankruptcy for my business will effect my personal credit?

Bankruptcy is a great option when clearing out all debts. Companies often become bankrupt due to mismanagement.