Thursday, July 9, 2015

The Complete Cost of Filing Bankruptcy - Beyond Financial Cost

<p><br />Bankruptcy may sound good when thinking about liquidating debt. However, the consequences may not be as beneficial as you think. Therefore, here is what you can look forward to after filing bankruptcy.<br><b>Restrictions After Filing For Bankruptcy</b>:<br />After you are declared bankrupt by a court, certain restrictions are placed on your right to borrow and your right to work. This article covers all of the points so that you know where you stand.<br><b>Mortgages for Over 60s - Are They Still Available?</b>:<br />Due to the current financial climate lenders have been tightening up on lending criteria, rules and policies - and maximum age, unfortunately, is no exception. The first frustration of individuals looking to obtain mortgages for over 60s is that they are often restricted with the length of the mortgage the majority of high street lenders will consider.<br><b>When Is It Time to Pull the Bankruptcy Trigger?</b>:<br />Recently, it was reported that the average American has $16,000 in credit card debt. While $16,000 doesn't sound like a lot of money, this number was only $4000 in 2008 and you still need to consider the income of the same average American. Four years ago the average was $40,000 a year and now it has declined to $35,000 a year.<br><b>File Bankruptcy Now and Become Debt Free Before Christmas</b>:<br />As the government keeps talking about falling off the fiscal cliff, all anyone is talking about is getting more credit. Whatever happened to becoming debt-free? The US government now has close to $17 trillion in debt and is running a deficit of $1 trillion a year.<br><b>Learn to Cope With the Stress of Filing Bankruptcy</b>:<br />When someone learns they need to file bankruptcy to eliminate their debt, they are already at their wits end. While nobody really wants to file for bankruptcy sometimes it becomes inevitable. Looking at it through your rose-colored glasses all you need to remember is that you will be virtually debt-free at the end of the bankruptcy filing.<br><b>What's Better Than Filing Bankruptcy for a New Year's Resolution</b>:<br />As Christmas has crept up upon us once again, I guess it should be, is the season to be jolly. Corporate America has pushed the Christmas season all the way back to August. You start seeing Christmas displays in the department stores around August.</p>