You have a great business idea, but you have too much debt to get it started right away. You decide that you're going to file for bankruptcy, eliminate your debt and then start the company. How soon can you do it?
Financial mistakes are pretty common. As much as everyone wants to be in control of their finances, life has a way of getting out of control. Sometimes, it just takes one small mistake. Other times, a series of chronic mistakes cause the problems. What are some of the most common errors people make? A few are listed below:
You may have heard that Chapter 7 bankruptcy cannot be used to get rid of student loans. While that is true for many people, it is not 100 percent accurate in all cases.
You want to use Chapter 7 bankruptcy to eliminate your debt, but you worry that it will destroy your credit rating. This will make it hard for you to buy a car, something you absolutely need to do for work. Can you buy a vehicle after bankruptcy?
Bankruptcy myths abound, and they can often give people the wrong idea about the process. It is time to break down at least one of those myths to show exactly why it does not hold up.
Worried that your credit score will drop after you file for bankruptcy? That is one of people's most common concerns, but do not worry that it has to last forever. There are plenty of things you can do to rebuild your credit. That's why people refer to bankruptcy as a fresh start.
You want to file bankruptcy alone, without your spouse, hoping to shield him or her from the impact as much as possible.
One of the prevailing myths about bankruptcy is that since you are going to eliminate your debt anyway, you might as well spend frivolously for a month or two before you file.
You have over $20,000 in credit card debt. You are thinking of using Chapter 7 bankruptcy to get a fresh start. What you want to know is whether or not the credit card companies can still come after you for payment once your bankruptcy filing is completely.
People who file for bankruptcy often feel alone. They do not want to talk to other people about it. They feel like no one else is dealing with the same financial issues. It seems like everyone else has a great, stable life, and they are the only ones with these debt problems.