Know the Consequences of Bankruptcy
This article will point out at you the consequences that come together with a bankruptcy process. It is important to know all these prior to resorting to this solution since in this way you will know what is there waiting for you at the end of the line. A good bankruptcy lawyer las vegas will be able to guide you every step of the way throughout this difficult time.
- Many people have been acquainted with the idea that once a bankruptcy process is completed, it can negatively impact your credit report. Nevertheless, many of you may have no idea what this thing means and how serious it can be. First of all you should know that this process not only black-marks your credit report and changes your credit score, but it will stay there for a period of time of 7 years or 10 years.
- You must know that you will need to have a credit score of at least 625 – 650 in order to qualify for obtaining a mortgage loan or even a loan for buying a new car. But once the bankruptcy will lower your credit score to 600 or even less, then your chances are almost null into obtaining a loan.
- Another consequence of filing for bankruptcy is that you need to pay the costs included in the evolution of this process. These costs can go up to $300 only for the filing procedure, but you will have to add the costs for the mandatory credit counseling along with the large amounts for getting a bankruptcy attorney las vegas. Now the question would be: Do you have all this money?
- The other consequence will go for having to pay the debts by losing your assets if you file for Chapter 13 bankruptcy.