How Can Bankruptcy Affect A Family?

How can bankruptcy affect a family? Information on how a bankruptcy can affect a family. A bankruptcy can effect a family in many ways. Obviously, much of the time before bankruptcy occurs a consumer may...

A bankruptcy can effect a family in many ways. Obviously, much of the time before bankruptcy occurs a consumer may have received innumerable debt collection calls.

Aside from the things that preceded the bankruptcy, after the bankruptcy occurs it's extremely difficult for a consumer to obtain credit. Now you may hear advertisements such as a mortgage company being able to obtain a mortgage for someone one day after bankruptcy and I don't doubt that can occur in some situations but generally speaking it's extremely difficult for a consumer to obtain credit for several years after a bankruptcy. And in many cases until the bankruptcy drops off the consumer's credit report. So the primary effect I believe is the inability to obtain credit and, of course, there are psychological effects. Which, again, I think began prior to the bankruptcy and it may go on for several years after that.

Trending Now

© High Speed Ventures 2011