People who have debt problems very often give in to unsupported myths and hearsay without ever taking the time to truly understand the law, and the implications of bankruptcy. So those people who have huge debt need to be aware of a couple major factors before running off to file bankruptcy on a whim.
Its common to hear that bankruptcy will affect your chances of getting a line of credit. In this market, many lenders are willing to take just about any chance due to the fact that the market has become so competitive. Naturally, the interest will probably be much higher, and the amount of credit much lower, but regardless, it is possible.
As for the chance at owning a home, its been known for lenders to approve a mortgage in as little as 18 months after a person has filed for bankruptcy.
Heres how your bankruptcy can affect you and your money. Most of the savings and pensions are exempt in bankruptcy from your estate. Therefore these accounts are safe and will not be liquidated. If you have tax liens that are not paid, those are usually not forgiven. This is something that you should think about before filing for bankruptcy.
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