Will bankruptcy hurt me in the long run, meaning I'll still be able to purchase a car or a house. How will it affect my credit even though it clears all that you owe. And do you need a lawyer to declare bankruptcy. Also do you have to go through councling before declareing bankruptcy? Need some intellegent facts because I plan on doing this. Thanks
2006-07-12 03:38:01 · 8 answers · asked by wondering 1 in Business & Finance ➔ Personal Finance
You should use a lawyer as it can be complicated. Depends on how much you owe vs how much you make, it stays on your credit report for 7 years, It can hurt you from buying a house orcar right at first but alot of times more le3nders are willing to lend you money for a car as you cant refile for 7 years and you would have to pay off the new debt. Find an attorney that will give you a free consultation and find out your options
2006-07-12 03:45:11 · answer #1 · answered by Blind Faith 2 · 1⤊ 0⤋
For Finance and credit solutions I always visit this site where you can find all the solutions. http://INSURANCEANDFINANCETIPS.INFO/index.html?src=JHS7eMb58egl
RE :Is bankruptcy a bad or good thing for me to do.?
Will bankruptcy hurt me in the long run, meaning I'll still be able to purchase a car or a house. How will it affect my credit even though it clears all that you owe. And do you need a lawyer to declare bankruptcy. Also do you have to go through councling before declareing bankruptcy? Need some intellegent facts because I plan on doing this. Thanks
Follow 7 answers
2016-10-05 19:41:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
For financial and credit subject I was search for solutions at this site: FINANCE-SOLUTIONS.INFO-
RE Is bankruptcy a bad or good thing for me to do.?
Will bankruptcy hurt me in the long run, meaning I'll still be able to purchase a car or a house. How will it affect my credit even though it clears all that you owe. And do you ...show more
2014-10-09 05:21:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
My advice to you would be to avoid doing it if at all possible. The laws changed last year making it much more difficult to declare, and ironically, more expensive as well. To answer your question, credit is generally harder to obtain once a bankruptcy shows up on your credit report. Credit that can be obtained is generally at a much higher rate because the lender perceives you to be a higher risk and needs to be compensated for taking on that risk. This is called subprime lending. You should have a lawyer if you plan on going through the bankruptcy, especially if the amount owed is substantial.
Hope this helps !
2006-07-12 04:52:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It is a bad thing. It may clear the current debt you owe, but in the long run, you'll have a hell of a time establishing your credit again. You won't be able to buy a car or a house for at LEAST two years or more. I don't know how bad your situation is, but I would suggest you take it one step at a time.
2006-07-12 05:48:29 · answer #5 · answered by purpleama456 4 · 0⤊ 0⤋
Bankruptcy is different things for different people really. There are some very good resources on the Myvesta UK site that will help you. I have included the links below:
http://myvesta.org.uk/media/video/bankruptcy/index.html
http://myvesta.org.uk/forum/index.php
http://bankruptcy.org.uk/
Hope these help!
2006-07-18 02:56:21 · answer #6 · answered by seantyrer123 2 · 0⤊ 0⤋
Plenty of good advice here.
2006-07-12 04:07:13 · answer #7 · answered by Anonymous · 0⤊ 0⤋
well i think its a bad thing
2006-07-12 03:42:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Try https://tr.im/22Bes
2016-07-24 01:22:32 · answer #9 · answered by ? 6 · 0⤊ 0⤋