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Written by jessica Alba
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You have a major illness or injury in the family, you lost your job or had your hours cut back, you have two much rotating debt, and now you are at the end of your rope. You have struggled for months, if not years, to overcome financial hardships. But, it seems like no matter what you do, it only gets worse. Now, it seems to be spiraling out of control. If any of these scenarios sound like it could describe you and your financial circumstances in the near future, you definitely need to know the 10 mistakes of personal bankruptcy that can get you in a lot of trouble.
Although it might seem like it helps in the short-term, in the end it can only make your financial troubles more complicated and possibly even criminal. |
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10 Things You need to Know about Bankruptcy |
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Written by jessica Alba
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Maybe you have gotten in over your head with multiple credit cards; maybe you have recently lost your job, due to the economic downturn; maybe someone in your family has suffered a catastrophic accident or illness. Whatever the case may be, you now find yourself in desperate financial trouble. You can only see one way out. But, before you file, there are 10 things you need to know about bankruptcy.
1. Your Credit will be DamagedWhen you file bankruptcy, you can have a negative credit record for 7-10 years, depending on how you file. For example, if you file chapter 7, your bankruptcy can remain on the books for up to 10 years. Ouch! |
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