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Bankruptcy
Click
here for information on the
NEW 2005 BANKRUPTCY LAWS
What
is Bankruptcy?
Bankruptcy,
according to legal experts, is a condition in which
a business or individual cannot meet its debt obligations
and legally petitions for either reorganization of its
debts or liquidation of its assets. In the action the
property of a debtor is taken over by a receiver or
trustee in bankruptcy either voluntary or involuntary
for the benefit of the creditors.
How
long does a bankruptcy declaration stay on my credit
report?
If
you should ever declare bankruptcy your credit rating
will be affected for seven to 10 years.
Is
bankruptcy expensive?
Filing
costs and attorney fees can add up quickly and your
ability to cover the costs with a loan are limited -
or at least one with affordable interest rates and repayment
terms.
What
else does bankruptcy affect?
Filing
for bankruptcy is emotionally draining and can hurt
your chances of being approved for an apartment; your
ability to acquire affordable insurance; and can even
affect your employment options.
Does
bankruptcy relieve all debts?
Undischargeable
debts include back taxes less than three years old,
student loans, alimony, child support and debts incurred
through fraud.
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