|Posted by Percy A Lowe on March 14, 2013 at 7:00 AM|
Bankruptcy can have strong economic and emotional disadvantages, and devastate
your credit rating as well. Many people would rather struggle under a mountain of
debt than live with the stigma of bankruptcy. Why? After your bankruptcy is
discharged, you may need to explain your financial situation and
convince those you would like to do business with or obtain credit from that you
made every effort to meet your financial obligations before turning to bankruptcy.
Whether you are renting or buying a home, buying or leasing a car, or seeking
financing for a business, your bankruptcy will negatively impact you for several
years. And while you will be able to get credit cards after bankruptcy, you will pay
higher interest rates for several years.
Categories: Bankruptcy Recovery