Bankruptcy can eliminate or clear some of your debts like credit card, car, rent, etc. As good as bankruptcy sounds, it does have a few disadvantages.
Bankruptcy status will appear at your credit card report
They also appear there for as long as 10 years. Therefore, you might have some hard time trying to get credit. This is especially true for the period immediately after you file for bankruptcy. It is harder. In the case where you do not have savings, you are also not going to make a big purchase in the next few years.
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How are you going to apply for a credit card then?
You can do so by trying for a secured credit card. Unlike most cards, this one requires you to put in a certain amount of money into your bank that equals the credit limit on your credit card. In the real world, it is better to not apply for a credit card at the first place. Better go for a debit card instead. However, if you insist on credit, then make sure your income is steady for long period of time. Then creditors are more willing to let you apply for a credit card.
A fact you should know:
Lenders tend to ignore borrowers that file for bankruptcy for as long as 7 years.
Bankruptcy costs money
Why is that? At your current condition, you are already at a big disadvantage of not having money. Yet, you are still being charged for legal and attorney fees. This can go up to as high as $1,000. Yes, it is true.
It is a shame
What if people know that you have gone bust on your finance? Other than being embarrassed, one might get shunned and traumatized altogether. It has been known that people fall into depression sometimes.
The court knows everything about your shame
Filing for bankruptcy is already a painful thing to do. The court will scrutinize and find out everything about you during a prolonged period, usually up to few months. They do this because they (legal forces) have to please the creditors (the very people that you owe money).
Personality clash
Some people just would not brand themselves as being bankrupt. So they would never file for the dreadful status. Instead, they want to work their way back to healthy financial status by repaying everything by themselves.
Being out of cash and savings and having to attend court all the time is really a catastrophe for some. The golden rule is to never overspend on credit cards. Such is the consequence for abusing the spending-on-credit lifestyle.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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