Obama's Economy

Bankruptcy , what to do ?

Lets give an example, you owe $20k in debts and your head is spinning.
You have a job that is making you around $27k a year right now.

A bankruptcy filing should be your absolute last resort. You can gain more information at their official website at www.usbankrutpcy.gov A few examples of what a bankrutpcy effects. If you rent an apartment and you have filed a bankruptcy, they can deny you the rental because of the bankrutpcy filing. Same as a job in the finance industry, if they check credit and see you filed a bankrutpcy, you may not get the job. After filing for bankrutpcy, any loans that you would be approved for, like a car loan, would come at a very high interest rate and require a large down payment. On the other hand. I filed and discharged in 02/08 chapter 7. Discharged the debts I had. 3 months later I was approved for a 500.00 credit card, paid on time and more for 3 months and was increased to a 750.00 credit limit. 4 months after my filing I was approved for a joint loan with my hubby with so/so credit for a brand new 08 Harley, 8 months later Harley had an offer to buy back the bike and we traded and they paid off my loan (excellent for helping me rebuild credit), we financed a larger bike, the interest rate was a little higher than normal, but we knew that going into the loan. Most credit card companies like First Premier Credit Cards, Capital One and HSBC will grant credit for people with bad credit. Sometime a secured loan will be approved, but you have to work to re establish your credit. It’s not easy to do, but it can be done with hard work, determination and will power you can get your credit where you want it to be again. You can review the website I provided, it’s an excellent site for bankrutpcy information, how it works and what is required. You can consult with a local bankruptcy attorney, most will see you free the first time. Good Luck!