What is the Downside to Filing Bankruptcy?
Bankruptcy has emotional and financial disadvantages that you should be aware of before filing.
Bankruptcy carries a stigma. It signifies financial failure. However, the U.S. is a forgiving place that loves to see people rebound from setbacks. Your bankruptcy will be a temporary label that will soon be replaced by what you do with your financial life after bankruptcy.
Bankruptcy brings financial burdens. For several years after your filing, many financial transactions will be affected. Whether you are renting or buying a home, leasing or buying a car, borrowing for a business, or obtaining a credit card, your bankruptcy will make those transactions more difficult to complete.
However, as a result you will learn to be more financially self-sufficient. You will learn to live without much credit, which is better than being up to your ears in debt. After a few years free of financial problems, lenders will again be ready to offer you credit.
The key to rebuilding your credit post-bankruptcy is demonstrating that you can borrow small sums and timely repay them. Obtain a gas card and pay its charges on time, every month.
Our Memphis Bankruptcy Attorney will help you with filing bankruptcy and help you get a financial fresh start. Call our firm today (901) 523-2323