Have you considered bankruptcy as a way to get out of debt? If you declare bankruptcy, your credit rate will be damaged and the bankruptcy will remain on your credit report for 10 years. Bankruptcy on a credit report can affect borrowing, and will be seen by banks, businesses, potential employers, and lenders. It can take up to five years to restore your credit after bankruptcy.
Other negative impact caused by bankruptcy:
• You could lose property–meaning you could be forced to sell certain things to pay off the debts. This loss could include non-essential holdings – a second home, cars, jewelry, antiques, and other valuable personal possessions not necessary for your work or day-to-day existence
• You could forfeit any tax returns to pay these debts
• If you have a co-signer on any loan, that person could still be responsible for paying your debts if you declare bankruptcy
• You may find it difficult to take out any new loans or credit cards without paying an exorbitant interest rate
• Certain debts cannot be discharged by bankruptcy
Before you consider bankruptcy, give Luminous Vitality Wealth Partners a call to find out if we can help you avoid bankruptcy. If you qualify, our Financial GPS can help you ditch your debt quickly and save money without damaging your credit score. Our Financial GPS will teach you how to pay down your debt quickly and efficiently and show you how to build wealth after you pay off your debt. This will have a side benefit of actually improving your credit score.
To find out if our program can help you, fill out this contact form and submit. We will be in touch with you shortly to set up a free, initial consultation. You may also call us at Luminous Vitality Wealth Partners (530) 830-2453
luminousvitalitymedicine.com 