Bankruptcy Project by Madeleine Williams

What is Bankruptcy and How Long Does it Remain Listed on your Credit Report?

mwilliams2710 — 2024-05-30 11:45:55 UTC

Bankruptcy is something one can file for if they are no longer able to pay off their debts, it liquidates their assets and provides a fresh start. Bankruptcy stays on a credit report for 10 years.

How Can Filing for Bankruptcy Limit/Alter Your Lifestyle?

mwilliams2710 — 2024-05-30 11:55:08 UTC

Filing for bankruptcy causes credit score to lower making it more difficult to find housing or take out loans as banks see it as a risk because they are less likely to pay back loans. Those who filed for bankruptcy will also have to pay higher fees when taking out a mortgage or trying to rent an apartment.

Can you Stop Paying for Student Loans if you File for Bankruptcy? If no, why?

mwilliams2710 — 2024-05-30 11:58:32 UTC

There is a possibility one can be excused from paying off student loans, however you must meet undue hardship which is "an action requiring significant difficulty or expense", meaning you must have a difficult financial situation in order to be excused.

Why Should you Call your Creditors to Let Them Know you are Having Trouble Making Payments?

mwilliams2710 — 2024-05-30 12:00:54 UTC

Calling your creditors can save you from bankruptcy or low credit scores as they can help you make a repayment plan that allows you to comfortably make on-time payments.

Will Bankruptcy Affect your Current Job? Any Future Jobs? How and Why?

mwilliams2710 — 2024-05-30 12:03:28 UTC

In most situations, bankruptcy will not impact your current employment situation, but, it can make you unable to apply and hold a job in a private industry.

Why does the Law Allow People to File for Bankruptcy?

mwilliams2710 — 2024-05-30 12:05:30 UTC

The law allows people to file for bankruptcy so they can eventually get back into the economy and pay the government, which in turn helps the government more than someone making many late payments.