Effects Of Filing Bankruptcy

effects of filing bankruptcy

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The Bankruptcy Handbook $18.48 Filing for bankruptcy is a big step that will affect your financial life for years to come…

Before, After, and Beyond Bankruptcy Before, After, and Beyond Bankruptcy $11.99 “”Worried about your finances?” “Facing bankruptcy or foreclosure?” Bankruptcy “feels” overwhelming, but there are many things a person can do to minimize the effects of financial reversals and speed along the process of gaining back a good credit rating. These issues and more faced author Betty Odak, but she decided she would not be forever defined by her bankruptcy. Instead, Odak researched her options, made some changes, and is now well on the road to a better life . . . a good life . . . a life after bankruptcy. As a single mother of two teenage daughters, Odak moved her family from Kenya to the United States, hoping for a better life. She worked hard to support her family, went to college and graduated with a master’s degree in psychology in 2003. But financial stability was elusive. The cost of living, coupled with her mounting debt from school, finally propelled Odak into filing for chapter 7 bankruptcy. It was a tough lesson, and one she didn’t want. Now, Odak wants to help others who are struggling financially. Packed with useful information, including step-by-step action plans and charts, Before, After, and Beyond Bankruptcy is a must-read for anyone struggling with financial crisis or for everyone wanting to implement a sound money management program.”

Bankruptcy Kit $29.95 This comprehensive kit includes information on understanding bankruptcy, the Chapter 7 bankruptcy process, information you will need to gather before filing, detailed instructions on filling out the bankruptcy court’s forms, a glossary of bankruptcy legal terms, a listing of all bankruptcy courts, and the forms you need to file.

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What are the negative effects of filing for Chapter 7 bankruptcy?

I filed Chapter 7 in 2002. It is much harder to obtain credit for the next several years but it is possible. I puchased a house 2 yrs ago even with the bankruptcy but the interest rate was higher than it would have been for someone with better credit. That makes a huge difference in your house payment. Even though I did eliminate my debt at the time I wish I hadn’t filed. Also, if you have any student loans or back child support or anything like that the bankruptcy doesn’t cover them. Keep in mind you have to pay the attorney fee to file bankruptcy.

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