Forgot your password?

What is Life After Bankruptcy Like

By Edited Nov 13, 2013 0 1

It seems that more and more people are trying to find out what life after bankruptcy is like. The reason for this is that many people are in debt over their heads and they fear that declaring bankruptcy is the only way to get out of the problems that they are in. This is not a step to be taken lightly. It is really a life changing event and can affect you for 7 to 10 years. That is why it is so important to know what to expect about life after bankruptcy before you take the leap and file to clear all of your debt. Here is what you need to know.
No Credit
Life after bankruptcy is one where you are going to be able to get little to no credit at all. Yes, you will find offers for secured credit cards coming in the mail every day. However, you will not be able to have a regular credit card, get a car loan, or many other things that you may take for advantage now. Everything revolves around credit and so does your life after bankruptcy. Your credit may be bad now, but can you live without the option to borrow any money for 10 years. This is a question that may not be as easy to answer as it may seem on the surface.
Where Do You Live
In a life after bankruptcy, it is hard if not impossible to change where you are living. There is almost no way that in the current financial mess that the world is in that you will be able to qualify for a mortgage. The problem is that this is not the only way that you can be stopped getting a place to live. Most apartment complexes will not rent to someone who is not at least 5 years out from the day that their bankruptcy was discharged. The thing that you may not realize is that your name can be no where on the lease. You can not even get an apartment with a cosigner. This is the reality of life after bankruptcy.
If you have a place to live then getting certain utilities will be impossible if you are going to try to get in your name. Cell phone companies require a credit check before they will give you a phone and plan. Cable companies and electric companies will also do credit checks to make sure that you will pay your bills. If you can get these utilities in a life after bankruptcy, you will have to pay a large deposit in advance to open these accounts that you have to have. This is the reality of the life choice that you are debating.



Jan 24, 2010 4:51pm
A rebuilding process. But if you plan well, before you file bankruptcy, you won't lose your home or car at least.
Add a new comment - No HTML
You must be logged in and verified to post a comment. Please log in or sign up to comment.

Explore InfoBarrel

Auto Business & Money Entertainment Environment Health History Home & Garden InfoBarrel University Lifestyle Sports Technology Travel & Places
© Copyright 2008 - 2016 by Hinzie Media Inc. Terms of Service Privacy Policy XML Sitemap

Follow IB Business & Money