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 Posted: Thu Aug 07, 2008 7:28 pm Subject: Bankruptcy |
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Has anyone out there experienced Bankruptcy? Meaning has anyone lived thru it? I'm considering a Chapter 13 an very concerned about my potential for future employment with this showing up on my Credit Report... Obviously a good job will be the only way I can pay my obligation related to the bankruptcy obligations.
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worriedone
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| Posted: Thu Aug 07, 2008 10:31 pm Subject: |
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I think you should go through: -
Help! I am considering chapter 13 for my debts
This thread will help you get all the answers to your queries. Please read all the posts to get an overview of the situations and the different debt solutions that you have in front of you.
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phoenix
Joined: 14 May 2008
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| Posted: Fri Aug 08, 2008 7:31 am Subject: |
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I have recently filed Chapter 7, but it hasn't been long enough to determine what kind of long term effects it may have, such as the ones you are referring to. I know that some potential employers do run a credit check, but not all of them do. And I'm not sure if a Chapter 13 would necessarily disqualify you for employment, even if they did. It would probably depend on the employer.
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alias1958
Joined: 31 May 2008
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| Posted: Fri Aug 08, 2008 10:08 am Subject: |
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Chapter 13 is not an easy road, but it's also not impossible if you set your mind to it.
The main thing to keep in mind is that your income will be reduced by the payment you have to give to the Chapter 13 plan - for 3 to 5 years. You have to REALISTICALLY determine beforehand if you can deal with this income reduction, if any emergencies arise in that 3-5 years.
This is the reason many Chapter 13's fail - the consumer doesn't realize how big an effect the reduction in income will have on their day to day lives and the ability to support their family.
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SUEBEEHONEY70
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