|
|
. |
|
|
.
Too much credit card debt? There is a way out! Call Toll Free: Bankruptcy: Long Term Effects Individuals who contemplate bankruptcy are often not given sufficient information with which to make a real decision. There are several options besides a bankruptcy that will stigmatize and negatively affect you for 7 to 10 years in many ways: renting a residence, obtaining or advancing in employment, insurance coverage, banking, and loans. Most apartment and property management companies now require a credit check of potential renters and either won’t rent at all to those who have filed bankruptcy within a specified period of time (for example, within 3 years of the discharge), or require more than the usual first and last month’s rent. You can also look for an increase in your auto insurance and forget about renters’ insurance altogether. Filing for bankruptcy puts you in a higher risk pool that will cost you more for auto insurance even if you have had no accidents or tickets. In addition, actuary tables demonstrate that those who file for bankruptcy are more prone to loss of personal belongings through fire and theft than other groups. You will be unable to get renters’ insurance for several years. Not only does a bankruptcy affect your personal life, but your professional life as well. When hiring employees, or considering employees for advancement, a credit check is often part of the process. You probably signed a waiver when you applied for the job that gave your employer permission to do a background check on you. Many times that bankruptcy on your credit report will prevent you from getting a job in the first place, or keep you from being promoted if you do get the job. The logic goes that if you cannot manage your own financial affairs how can you be trusted to manage those of the department or the company? In addition, there is the perception that those who suffer from chronic financial problems are more susceptible to being tempted by theft. It won’t take long for the realization of what a bankruptcy does to your life to dawn on you; you traded one type of financial hardship for another, and it doesn’t end there. Banks do not look kindly on bankruptcy either. A credit report is often a standard part of the application process for a checking account. Banks don’t want to be concerned with customers who bounce checks or maintain a low balance. Utility companies also run credit checks and require a co-signer, or large deposits, from those with a history of bankruptcy even if they have never been late on a utility payment. Getting a cell phone may be next to impossible. When it is time to buy another vehicle you will get hit again. A dealership will often not finance a used car, but will finance a new car purchase. The interest rate will be very high, and then of course, the higher rate on the comprehensive coverage for that new car will add significantly to the cost of transportation. As bankruptcy filers muddle through 7 to 10 years with a bankruptcy on their credit report they will suffer the consequences of not being fully informed of their options in regard to discharging debts. Be sure you investigate all of your options, including applying for a free evaluation of your debts and how we might be able to help you avoid the problems outlined above that come with a discharge by bankruptcy. [
Home
| About Us |
Benefits
|
Savings
|
Q & A
|
Free Quote ] Debt
Consolidation YES!
|
