How will bankruptcy affect my credit score?
Here is the solution. A bankruptcy will essentially destroy your credit for several years. You will have difficulty obtaining a decent loan, despite the fact that you will be inundated with offers once your bankruptcy filing becomes public. Loan and credit card companies are aware that you cannot file for bankruptcy again for seven years, so they will attempt to convince you to take out a loan or credit card with a high interest rate.
What will my bankruptcy cost me?
Depending on the form of bankruptcy and whether you file on your own or with an attorney, the filing fee will range between $400 and $1,500. The majority of individuals will file for bankruptcy under chapter 7 or 13 and will use an attorney. This will cost approximately $1,000, and if you file under Chapter 13, you will also be required to repay your debts.
Can I retain my vehicle and home if I file for bankruptcy?
The only way to retain anything when declaring bankruptcy is to exclude it from the filing. If you do, your mortgage lender will immediately foreclose, and your auto lender will repossess your vehicle. They will do this in order to maximize their financial gain.
There are numerous factors to consider when filing for bankruptcy, and these are only a few of the many bankruptcy-related questions you may have. Before you spend money to file, ensure that you have considered all of your options and that you are making the best choice.""
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