|
|
What is Bankruptcy/Why Not Bankruptcy?:
Being bankrupt means you no longer have the ability to meet your
financial obligations. The bankruptcy process is a legal way for
those in an impossible financial situation to start fresh.
Therefore bankruptcy is a perfectly viable option
for many. Many consumers view bankruptcy as the most expedient way
of resolving financial difficulties. However, bankruptcy remains
a last resort rather than a first choice, and for some very good
reasons.
A record of your bankruptcy forms a part of your credit bureau
history for years, while many credit applications ask if you've
been bankrupt. It doesn't necessarily mean you won't get credit
after you've been discharged, but it does mean that getting new
credit will now become more difficult and frequently more expensive.
There are certain jobs and positions that require you to disclose
whether you've been bankrupt. And - although few realize it - bankruptcy
is a matter of public record, and is published.
<< Return
to FAQs main |
| Did you Know? |
There are only four
options available to those in financial crisis
- debt consolidation
- debt counseling
- debt settlement
- and bankruptcy
- – five,
if you count doing nothing
For more detail on each of these Please
see the Options for Debtors
page
|
|
|
