Bankruptcy – the downside of the story

You may think that bankruptcy can be the end of all your worries. Think again. There are plenty of downsides to bankruptcy and you need to know all the disadvantages before taking the plunge. No matter how pressed you are for finances, this is when you definitely need the input of a professional.

The first danger is that due to the bankruptcy declaration some industries will not consider you for employment. These companies will check your credit report before offering appointment and can reject your application on such findings.  Sad, but true.

The federal court will have the bankruptcy record for life, even though the credit bureaus would remove the declaration after the customary 11-year period. Since federal records are open to the public – technically speaking anyone can access them and find out if you have declared bankruptcy.

The fees required are also a disadvantage.  It takes about $2000 or more to file for bankruptcy through an attorney, which is highly advisable, and this is not a small amount of money. Are you still thinking that bankruptcy is a good idea?

Source:  Bankruptcy – the downside of the story

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