US Financial Management, Inc.

In addition to the new changes regarding re-filing, the bankruptcy laws have also put more regulations on filing Chapter 7. For instance, the debtor usually needs to have an income below the median of their state or can pay a minimum of $100 each month for their debts. If the debtor is unable to meet the criteria for Chapter 7, then they are shifted to Chapter 13, which includes a payback plan assigned by the court after analyzing your expenses. These plans often create a strict budget that the debtor must adhere to in order to pay back a portion of his or her debts. This can often create a ruthless reality for debtor, causing them to slash their spending by a considerable amount.

Bankruptcy also can remain on your credit report up to 10 years. This can make it difficult to rent an apartment, buy a home, get a job, or pay for a car. If you are able to get approved for an apartment, you may have to pay a much larger deposit because of the risk. If you are able to obtain a mortgage or credit for a car, the interest rate could be sky-high, causing you to pay as much as three times the original amount of the purchase. Some companies may not find you suitable for a job position because you are not seen as trustworthy with money. These are just a few of the implications of bankruptcy.

Bankruptcy is a serious issue and you must think it through before you file. Look at all the options and alternatives available because you will have to live with your decision for the next 10 years.

Avoid bankruptcy and learn about other debt management options here.

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