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harrywallace07 · Joined: 25 Aug 2009 Posts: 42 -0.10 Dollars($)

what are the disadvantages of bankruptcy

adonis · Posted: Sat Aug 29, 2009 12:06 am Post subject:

Hi harry,

There are a lot of disadvantages of filing bankruptcy. A bankruptcy filing will remain on your credit record for eight to ten years. It may even affect your future finances. It is listed as a negative item in your credit report and will lower your credit score by around 200 points. To know more about bankruptcy, check out the following page:
http://www.mortgagefit.com/bankruptcy.html

andrewward001 · Joined: 28 Aug 2009 Posts: 51 0.00 Dollars($)

hi harry,

The most obvious disadvantage of filing for bankruptcy is that it will ruin your credit for at least 7-10 years. Some other disadvantages are:

Losing credit cards
Losing non-essential possessions
Inability to obtain a mortgage for some time
Not all debt will be discharged

catharin9 · Joined: 14 Jul 2009 Posts: 168 -0.14 Dollars($)

credit loss is major loss in bankruptcy

nelsoncarolyn1946 · Joined: 03 Sep 2009 Posts: 38 0.00 Dollars($)

if you file bankruptcy you can lose assets of real value including your home, life insurance and possibly pensions
Have all bank accounts, credit cards etc closed. Anything you might be leasing, or buying on hire purchase, such as your car will be immediately returned to the owner

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