Filing bankruptcy is like being innocent but pleading guilty to a felony conviction. Once that conviction is on your record, it will never go away; a felon will always be known as a felon. Bankruptcy stays on your credit report for 10 years, but it will stay with you for the rest of your life. When you go and try to buy a home, on the mortgage application will be a question if you have ever filed bankruptcy. If you lie on the application, you are breaking federal law by not answering the question accurately.
When you apply for or submit your resume for a new job, the employer will likely conduct a background investigation on you prior to hiring you. Part of an employment background screening process looks at your personal credit report and your public records. If the bankruptcy is no longer on your credit, it will always remain on your public records. Again, the decision to file bankruptcy years ago is still ruining your future.
When your children start to attend to college and they need their parents help applying for student aid and student loans, again you will be asked if you have ever filed for bankruptcy. Again, if you lie on this federal application, you will be breaking federal law and will be punished when caught.
Just like you would never want to have a felony on your record, you do not want to file for bankruptcy when there are better alternatives.
Bankruptcy may seem to be the quickest solution to removing your outstanding debt but that is not true, Debt Settlement is a much better option.The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 changed the way consumers are able to file bankruptcy. Under the new bankruptcy law, consumers may only file chapter 13 bankruptcy, which is a repayment plan where the consumer must repay approximately 90% of what is owed within a 7 year period. In addition to the debt repayment plan, you will also be required to pay your bankruptcy attorney about $2,000 upfront to retain his services.
If you choose a Debt Settlement Plan, you will not have to pay an upfront fee; FH Financial will start you out on your monthly payment plan that is setup for you when you speak with our Debt Specialist. You will only have to repay 40% of what you owe and can be debt free within 36 months. Debt Settlement does not ruin your credit like bankruptcy, nothing will be stamped on your credit report showing you were in a debt settlement plan, and it will never come back at haunt you like filing bankruptcy.
Filing bankruptcy is a permanent decision that should only be considered as an absolute last resort to solving your debt matters. Call us now so we can show you alternatives to your debt problems and help you avoid filing bankruptcy.
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