Consequences of Bankruptcy

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Consequences of Bankruptcy

Posted By Darren Lawrence     March 15, 2021    

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If your debts are piling up and you’re finding yourself unable to pay them, you may need to file for bankruptcy. This can be incredibly distressing for many people. However, it really isn’t quite the “end of the line” that people expect. With that being said, there are consequences associated with filing for bankruptcy. As such, if you or your business needs to file for bankruptcy, it’s still important that you consider these consequences so you can find the right solution for your needs.


Consequences of Filing for Bankruptcy

Filing for bankruptcy is a stressful time. It’s still important that you know the consequences, though, so you can plan and begin getting back on the right track. Filing for bankruptcy can offer a new chance for you to get on top of your finances, and as a result of this, you must hit the ground running with the right plans to deal with bankruptcy.

The most obvious consequence of bankruptcy, of course, is the massive impact it can have on your credit score. Bankruptcy will stay with you for up to a decade, and as such, your credit score will absolutely be reduced for this time. This may make it harder for you to get credit or loans and increase the interest rates you are offered for these. With that being said, bankruptcy isn’t the end of the world for your credit score, and you can still work to improve it over time.

Another consequence of bankruptcy is that the history of your debts will be readily available online for everyone to see. Your personal financial information, such as how much you owed and whom, will be publicly displayed for people to see. It’s understandable why some people can find this incredibly upsetting; it should be noted, though, that some sensitive information is still protected in these cases.

Finally, you could lose some of your property and assets. While bankruptcy cases will leave you with assets that you need to work, such as a home and a car, you may lose any assets which are deemed unnecessary, such as luxury cars and the like.


Get Professional Support for your Bankruptcy Case

Declaring bankruptcy is stressful, but a professional bankruptcy lawyer can help. Bankruptcy lawyers are experts in helping people like you who have found themselves bankrupt and can provide a pivotal support network for you during these difficult times. So, don’t compromise. If you need help during your bankruptcy case, contact a professional attorney to help today.

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