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Bankruptcy Facts!

  • Negative credit = 7 to 10 yrs.
  • Costs to file.
  • Higher rates in future.
  • Stressful and Negative.
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    Bankruptcy

     

    • Represents a severe negative impact on your credit rating for 7-10 years
    • Can cost $1,000 or more to file
    • May have a negative impact on your current or future employment status, as bankruptcy is part of public record forever
    • In a Chapter 13, you may end up paying 25-75% of your debts back through the court system
    • May result in higher interest rates on future loans
    • Carries a negative stigma, mental stress, and other burdens
    • Should truly a 'last resort' and avoided if at all possible

     

     

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