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Why people file bankruptcy part 2 Downside

Posted by Percy A Lowe on March 14, 2013 at 7:00 AM

Bankruptcy can have strong economic and emotional disadvantages, and devastate

your credit rating as well. Many people would rather struggle under a mountain of

debt than live with the stigma of bankruptcy. Why? After your bankruptcy is

discharged, you may need to explain your financial situation and

convince those you would like to do business with or obtain credit from that you

made every effort to meet your financial obligations before turning to bankruptcy.

Whether you are renting or buying a home, buying or leasing a car, or seeking

financing for a business, your bankruptcy will negatively impact you for several

years. And while you will be able to get credit cards after bankruptcy, you will pay

higher interest rates for several years.


Categories: Bankruptcy Recovery

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