Bankruptcy
If you're having financial difficulties and you're thinking of bankruptcy as a way out, consider these facts first......
- When you file for bankruptcy, it stays on your credit report for up to TEN years.
- Bankruptcy does not wipe your credit slate clean and give you a "fresh start".
- You'll have difficulty getting future credit such as mortgage loans, car, education, credit cards or personal loans.
- Any credit you get will probably cost you more in terms of interest rates and fees charged.
- Alimony, child support, and most taxes survive bankruptcy and will still be owed.
- Bankruptcy can affect your ability to get a job, since many employers may obtain a credit report when assessing job qualifications.
There are options other than bankruptcy... Before you make a decision that will affect your financial health for the next 10 years seek the professional advice of a financial counselor. Investigate the alternatives, and don't lock yourself into bankruptcy. Bankruptcy may seem to be a good idea now, but it could be very costly if credit is needed in the future. There are a number of alternative ways to fix your finances without risking your credit rating. Consumer Financial Counseling of Tidewater will assist you with a viable alternative to bankruptcy through a Debt Management Program. We can talk to your creditors and help reduce your monthly payments, interest charges, and harassing phone calls from creditors.