Bankruptcy is one of those illusive things that is often misunderstood and very hard to understand. There are a variety of myths that surround bankruptcy and the after affects that it can have on your life. When debt gets out of hand, it is important to understand what changes can occur in your life by keeping the debt and what changes you should expect if you decide to claim bankruptcy. Some of the most important questions about bankruptcy are:
Will I be able to get credit after I file for bankruptcy?
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Yes, there are a variety of credit companies that are willing to take a chance on someone who has filed for bankruptcy in the past. You will not be able to get high credit limits and you may have to pay yearly fees, but you will probably be able to receive credit after you have filed bankruptcy. Many people have lived with the belief that they would be denied credit after filing for bankruptcy, but with a little research and a regular source of income credit usually is not denied.
I have a dream of owning my own home; will filing for bankruptcy prevent that?
No, banks and mortgage companies may require a year or two after your bankruptcy has been discharged, but many are willing to consider loaning money to customers who have a bankruptcy in their past. The key to getting a home loan after a bankruptcy is showing that your money problems are part of your past and you are dedicated to not having them as part of your future. If you pay your bills on time after bankruptcy, it is very likely that you will be able to receive a very competitive rate on a home mortgage.
Will they take my pension to pay off my bankruptcy debt?
If your bankruptcy does not include a tax lien, then your pension is likely to be spared from the bankruptcy proceedings. If you have a tax lien for unpaid taxes, then it is possible for the government to take money from your 401k, IRA, or other independent savings accounts. It is important to discuss the amount of money you have in all your accounts with your bankruptcy lawyer so they can help you keep as much as possible.
Filing for bankruptcy can be a scary prospect, but knowledge is the best thing you can have. Take the time to research all possible affects of bankruptcy on your life before deciding to file. Also, be sure to discuss any questions that you have with your attorney before the filing. Bankruptcy is a big event that will continue to affect your ability to get credit for many years. With the right lawyer and the right information, you can ensure that filing for bankruptcy is the best thing for you, and you will be able to move on with your life towards all your monetary goals.
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