What are personal bankruptcy consequences?
What are personal bankruptcy consequences?
Bankruptcy can have far-reaching effects on your personal finances. You may not be able to get a mortgage or rent a new apartment at reasonable rates, and you may be limited to buying an older car or paying for it in cash. You may also find it difficult to get a new job because employers may look at your credit history and refuse to hire you because of it.
The best way to avoid these problems is to negotiate with your creditors. If you can afford to, you can ask for a better repayment plan. Normally, creditors do not like people who fail to meet their debt payments, so they will try to get their money back. If this option doesn't work, bankruptcy will have a more significant impact on your credit score than any other option.
Bankruptcy trustees can try to seize your property. If they do, they can distribute the money to creditors. In addition to assets, the trustee can also try to sell your income. This may cost you your home, car, or other possessions. However, you can still protect your assets. There are exemptions for bankruptcy, which allow you to keep certain items.
If you have any questions or need a Personal Bankruptcy Attorney, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
