Bankruptcy Questions - What you Need To Know Before Filing For Bankruptcy!

Are you having debt issues and considering filing for bankruptcy

? Are you sure you have an idea of what bankruptcy includes? Bankruptcy is a very serious decision and you need to know before you do it. Here are the answers to the bankruptcy questions you might have.

Will bankruptcy affect my credit?

Here is the answer. When you file for bankruptcy you will have bad credit for a few years. You will struggle to get a good loan, even though you will get bombarded with offers as soon as your filing becomes public. Loan companies and credit card companies know that you cannot file for bankruptcy again for 7 years so they will try to get you to take out a high interest loan or credit card.

How much will bankruptcy cost me?

To file you will pay between $400 and $1,500 depending on what type of bankruptcy you file for and whether you do it on your own or with an attorney. It is smart to use an attorney and file for either a chapter 7 or 13. This will run around $1,000 and if it is chapter 13 you will have to pay off your debts as well.

Can you keep your car or your house when filing for bankruptcy?

The only way to keep anything when you file for bankruptcy is to not include it in the bankruptcy. If you do your mortgage company will foreclose right away and your auto lender will come and repossess your vehicle. They will do this so they can get as much of their money as possible.There are many things to consider when it comes to filing for bankruptcy and these are just a few of the many bankruptcy questions you might have. Check out all the possible options you have and make sure you make the right decision for you and your financial future.

Bankruptcy Questions - What you Need To Know Before Filing For Bankruptcy!

By: Gressly Stevens

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