Consequences of Bankruptcy
In some cases, the person filing bankruptcy may be required to surrender one or more assets to his creditors in order to obtain the full benefit of the bankruptcy process. This can only be determined on a case-by-case basis.
A bankruptcy filing will remain on your credit report for seven to 10 years.
The law protects a person from being fired from a job because he or she filed for bankruptcy.
Creditors will generally consider a past bankruptcy when deciding whether to give credit. This can affect your ability to obtain credit and can affect the interest rate and other terms offered.
Filing Bankruptcy will not eliminate all debts. Certain debts will still remain after the bankruptcy, such as:
- Fraudulent Debts
- Maintenance and Child Support
- Recent Back Taxes
- Student Loans
- Recent Purchases on Credit
- Government Fines or Penalties
