With bankruptcy filings becoming more common over the last few years due to the state of the economy, many people are wondering if it's the right financial move for them and their families. The process carries less of a stigma now than it once did, however, there are consequences to filing for bankruptcy if it is the right choice for you. Meeting with a qualified bankruptcy attorney can help you to decide whether this process is right for your individual situation.
Firstly, a bankruptcy filing does stay with you: it will appear on your credit record for 10 years if you filed for Chapter 7 and seven years if you filed under Chapter 13. You may be able to restore your credit score to healthy levels after about two years. When your credit score is low, it may be difficult to qualify for a home loan with a reasonable interest rate.
Although it is illegal for landlords to disqualify potential tenants due to bankruptcy filings, many treat it as a "red flag" against renters. The U.S. Bankruptcy Code does not allow employers to discriminate against job applicants due to filing for bankruptcy, but it may be a factor, especially for employment involving financial institutions.
Filing for bankruptcy is a serious decision, and one that should not be made without taking every consideration possible before getting to that point. Every family's finances are different and requires a different solution. An experienced bankruptcy and personal finance attorney can be a great resource to other options, as well as formulating a financial solution that is right for you.
Source: CNN, "What are the consequences of filing for bankruptcy?" Mark Mewshaw, Sep. 12, 2012
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