Bankruptcy Questions – What You Need To Know Before You File For Bankruptcy!
Do you think you need to file for bankruptcy? Do you really know what you are getting into? This is a very important decision and you should know all your choices first. Here are the answers to the bankruptcy questions you might have.
What will bankruptcy do to my credit?
Here is the answer. Bankruptcy will basically ruin your credit for a couple years. Lenders will send you all types of offers, but they will not be for good loans at all. Loan companies and credit card companies know that you cannot file for bankruptcy again for 7 years so they will try to get you to take out a high interest loan or credit card.
How much will bankruptcy cost me?
To file you will pay between $400 and $1,500 depending on what type of bankruptcy you file for and whether you do it on your own or with an attorney. It is smart to use an attorney and file for either a chapter 7 or 13. This will run around $1,000 and if it is chapter 13 you will have to pay off your debts as well.
Will I be able to keep my car or home if I file for bankruptcy?
The only way to keep anything when you file for bankruptcy is to not include it in the bankruptcy. If you do your mortgage company will foreclose right away and your auto lender will come and repossess your vehicle. They will do this so they can get as much of their money as possible.
There are many things to consider when it comes to filing for bankruptcy and these are just a few of the many bankruptcy questions you might have. Make sure you are considering all of your options before you spend the money to file and make sure you are making the right decision.
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