What are the consequences of filing for bankruptcy?

[ashley.]

I recently found out that when I was about 5, my parents had to file for bankruptcy. My parents are now divorced. Since I am only 15, I don't fully understand the concept of bankruptcy. What are the consequences of filing for bankruptcy? What are the benefits? And, What are the benefits of not filing for bankruptcy? ------

[heyguy]

Depending on what chapter the bankruptcy was filed under, I'm assuming Chapter 7, liquidation, the bankruptcy court appoints a trustee to break up the assets owned by your parents and distribute it to creditors.Aside from essential assets such as tools of the trade, home, etc. you lose everything to pay off any delinquencies.There are almost no benefits to bankruptcy as it ruins your credit score and makes it almost impossible to receive a loan in the future.Bankruptcy is only a last resort, if all other choices have been exhausted.There are much more implications to bankruptcy I probably left out, but that's the general stuff. ------

[Ja Ma]

if you find yourself owing more than the value of all your assets you may file bankruptcy to seek protection from creditors. in chapter 7 bankruptcy, all your assets are seized by the trustee and liquidated and the proceeds distributed to creditors according to a complicated formula. you are immediately relieved of all your debt just like that but your credit rating is in the sewer. you will be unable to obtain credit cards, mortgages, or any kind of financial credit for ten years. and even after that the bankruptcy will hand over your head in all your financial dealings. ------

[tdoan89]

Filing for bankruptcy is announcing that you do not have enough money to pay off your loans, bills, etc. Your debt is erased, but you are stuck with HORRIBLE credit. And bad credit will lead to a very difficult life when you're trying to make big purchases. ------

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[bkbankruptcy]

The Consequences of Chapter 13 Bankruptcy


One of the strong points of choosing Chapter 13 bankruptcy over Chapter 7 is that it doesn’t reflect as badly on one’s credit. Since your creditors are still being paid and less debt is being discharged, your credit score doesn’t take as big a hit. But that’s not to say Chapter 13 is free of implications. Bankruptcy has a negative impact on your credit score; it’s just a matter of minimizing the damage. Here are some of the effects you can expect from a Chapter 13 bankruptcy filing and how you can control them.

FICO Score Changes

A Chapter 13 bankruptcy filing can take 80 to 250 points off your credit score, depending on how much debt you have and how much of it is discharged. This is mild compared to the 300 to 400 points often lost in a Chapter 7 filing. Generally, the more debt you can cover through the repayment plan, the less drastic the credit score change will be.

Bankruptcy Records

The bankruptcy itself will be visible on your credit report for seven years after the filing, whether it’s for a Chapter 7 or a Chapter 13 bankruptcy. But since a Chapter 13 repayment plan lasts three to five years, there will only be two to four years left after your discharge. The bankruptcy will still be there while you’re on the plan, but it won’t count for much because your credit options will be limited anyway.

Loan Rates

Any type of bankruptcy will have an effect on the types of loans you can take out. With a bankruptcy on your record, banks may not be as willing to grant large loans, or at least give you prime rates on them. A Chapter 13 bankruptcy tells them that while you’re not as deep in debt as one who filed a Chapter 7, your paying capacity is still limited by your repayment plan. You may not be able to get the best car loan or mortgage while you’re still making payments, but small personal loans are usually easier to get.

Credit Limits

You may be able to get a credit card after filing Chapter 13 bankruptcy, but don’t expect a high credit limit. Most commercial banks will only give you a credit limit proportional to what you can afford considering the added expense of your payment plan. Some companies offer credit cards specifically for people with tarnished credit histories, but the rates are much higher and you risk falling back into default.

[Santory]

Bankruptcy may be helps you but bankruptcy filling has the most damage on your credit record if compare to other debt solutions. Your bad credit record will remain on your credit report for 7-10 years and if you are getting any loan after your bankruptcy discharged, your loan's interest rate will be higher than normal.

[safexiaoyi]

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[emmabail]

Filing bankruptcy is the best legal way specially for those people who are in a worst financial conditions.Filing bankruptcy is always a right option for those people because its give a financial relief and also give relief from the harassment of creditors.And about the consequences of filing for bankruptcy then yes its remain on your name at least for 10 years.