A bankruptcy filing can be a huge relief for those who have been facing bankruptcy, but sometimes, bankruptcy is a bad idea.
Here are a few of the worst things that can happen when you file a bankruptcy.1.
You may not be able to get a loan from a bank.
Bankruptcy filings don’t guarantee a loan, and even if they do, it can take a long time to get one.2.
You might not be eligible for a loan.
Bankros can’t apply for a credit card or mortgage until you’re in bankruptcy.
In addition, bankruptcy can take up to 18 months to clear, meaning you might not qualify for a down payment if you’re living in a rental property or don’t have enough cash to get out of debt.3.
If you have a mortgage, you may have to wait a while.
If your bankruptcy filing is approved, you might have to file a new mortgage to clear up any remaining debt.
If that’s the case, it might be easier to find a new job, pay off debts and refinance the loan than pay off your entire house.4.
You’re going to have to make payments.
If the bankruptcy court approves your bankruptcy, you’re going in to court and will have to pay some money.
Some people find it easier to file for bankruptcy if they don’t want to pay any money.5.
You won’t be able find a job.
If it’s a bankruptcy case, you can’t go to work without paying some money off your debts.
And it’s often much easier to start over if you have enough money to get started on your life.6.
Your credit report may get destroyed.
If a bankruptcy filing gets approved, your credit report will be shredded.
You could lose your job or your credit scores.7.
You’ll need to pay a lot of money to have a hearing.
Bankres will require you to pay $250,000 to have your bankruptcy filings approved.
If bankruptcy is approved for you, your lawyer might have a little bit more money to spend.
If not, it’s going to take a while to get your case heard.8.
You can’t get a mortgage.
A bankruptcy case is usually approved after a court approves a bankruptcy petition, and if a bankruptcy is denied, a foreclosure can take you out of bankruptcy.
If you’ve been facing a bankruptcy, there are a lot to consider.
Here’s how you can get through it.