Keyword Analysis & Research: long term effects of filing bankruptcy

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Frequently Asked Questions

What are the negatives of filing bankruptcy?

A negative consequence of filing for bankruptcy is that everything you file with the court, including all of your bankruptcy schedules, which contain your personal financial information, can be accessed by the public.

What are the consequences of filing for bankruptcy?

Difficulty obtaining credit is one of the biggest consequences of filing for bankruptcy. Personal bankruptcy can give a person protection from debt collectors, but may make obtaining certain jobs difficult. Filing for bankruptcy may make it difficult to obtain financing for a car.

How does filing bankruptcy affect your credit?

At the very least, filing for bankruptcy means creating more bad credit history. The action will impact a credit score for at least six years and nine months, and possibly up to ten years, no matter how financially responsible the individual becomes after the filing takes place.

What happens to your credit when you file for bankruptcy?

When you file for bankruptcy, you get an “automatic stay.” Basically, this puts a block on your debt to keep creditors from collecting. While the stay is in place, they can’t garnish your wages, deduct money from your bank account, or go after any secured assets.

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