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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » what kind of problems do people have after they have declared bankruptcy?

what kind of problems do people have after they have declared bankruptcy?

I lost my job & our lawyer is recommending bankruptcy to help us keep our house.

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7 Responses to "what kind of problems do people have after they have declared bankruptcy?"

  1. Jim says:
    wondering if maxing out credit cards again will be worth it
  2. runners8202 says:
    you have worse credit so its harder to get a loan in the future. other problems exist too.
  3. travis s says:
    bad credit for years or even a lifetime!!!!!
  4. Warren Davenport says:
    You won’ t be able to borrow money for a long time.
  5. rigomortisfx studios says:
    welcome to the club , just size down sell alot of your things
    move into a smaller place , its all the over spending and trust that many had in the stock market , any didn’t know when to stop when they knew they had it to good in life , you can all ways start over again many are doing just that ….. many have cut back so much they are hurting them self its a shame , they need to stop selling cars and sell only car parts to keep the cars we have on the road now ,
    even the highways are full all they care about is money , brother your not alone we are all feeling the pain …just let the chips fall
    many walk away from there homes , don’t do that they come after you with your bills and house payment and mortgage
    lawyer is recommending bankruptcy to help us keep our house…but if you ow the mortgage ….you have to keep up with the payments
    or they will take your house by force , and when it comes to lawyers vs mortgage they will lose as weeks go by
    good luck
  6. Glitch Girl says:
    Plan for a tough road for the next ten years or so. Earlier answers are correct insomuch you will not get a loan again. Even with co-signers with pristine credit, plan on being denied (although they may ultimately give you the loan in this scenario expect a long, dragged out process to get approved because the first 3-4 lenders will take a pass leaving only those with higher interest rates willing to take you on.)

    Other things you have to consider include your credit report impacting much more than just your ability to get a loan. Every time you have to get a new phone service or sign up for a new utility, they will run your credit. This means you can expect to pay a deposit to start new service.

    It’s extremely daunting when you check your credit report about a year after you’ve gone through the process. By that time, every single creditor, every single one of them, will have reported against your credit. Each time, each month, each one of them will show the same information. Bad Risk!!! And next to that will be a box that reads something like this, “This item is due to be removed on the following date: July 20, 2019.

    Did you get that? 2019

    That’s a loooooong time to never, ever get a break again.

    Take it from someone who has credit report with the Remove date of 2011.

    That’s a little under 3 years and let me tell you. The bankruptcy has impacted my daily life more than I can tell you here.

    So be sure.

    Be very very sure.

  7. debijs says:
    ~~A BK stays on your credit report for 10 years. It’s two years before you can finance a home under FHA again. It take about two years before you can get a credit card again to slowly start rebuilding your credit again. However, you are more credit worthy than someone who just fails to pay their creditors because they can still file BK, and creditors know you can not for 7 years. You will also pay very high interest rates until that 10 years is up.

    Eighty five percent of BK are because of illness and accidents, then this economy has really increased the cases. The most important thing is to keep your home and sanity. It is in my opinion it is better to get it over with and start anew, than battling forever trying to fight off the creditors. This economy has put thousands in your position, it just doesn’t leave you much choice. You need food and shelter, and BK is legal because of these situations. Take advantage of it, then you can concentrate on getting back to work. Best of luck to you.~~

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