Many people are very concerned about the affects of bankruptcy in their future. How will bankruptcy affect my employment opportunities? How does bankruptcy affect my future credit report in the long run? Will people find out about my bankruptcy? We will try to address these issues in today’s entry. The first thing to note about a bankruptcy with Bankruptcy Law Professionals is that we are very sensitive to our clients’ privacy needs. We will not mail you packages with large labels that say “bankrupt” on them. We will not call you at your office. Our terms of communication are set very early in our relationship with our clients. A law office is under a legally binding agreement with our clients to keep all matters with clients private.
A bankruptcy will stay on your credit record for 10 years. This does not mean that you will not be able to get any loans or establish new credit after you file for bankruptcy. It means that there is a note on your credit report that says you filed for bankruptcy. You will very likely get credit offers immediately after your bankruptcy and your loan terms will improve within 2 to 3 years. As we have reported in this blog before, we have seen our clients get car loans and home loans 2 to 3 years after a bankruptcy was filed. If you are managing large amounts of debt, do you think you can manage that debt so that you can improve your credit in the next 2 to 3 years? If not, bankruptcy is probably going to be your best and fastest option on improving you credit.
Employers may sometimes ask if they can pull a credit report and check to see if you have ever committed a crime or filed for bankruptcy. Most of the time, the employers that ask for this type of information is usually a financial company or a company that deals with sensitive information. The best way to deal with this is to be honest. If you have filed for bankruptcy and your credit report states that you filed for bankruptcy within 10 years of today, then you tell them the truth and check that box on the application. Most of the time, people lose an employment opportunity because they lie on their application. They say they have never filed for bankruptcy, but the application does not admit to it. In this situation, an employer will definitely not hire the applicant because they lied on the application.
Are you concerned about your friends or family or employer finding out about your bankruptcy? A bankruptcy may save you from getting served court papers at your work or your house. When you file for bankruptcy, all judgement and collections activity comes to a halt. So, if your family and friends don’t know about your bankruptcy, they will not find out anything about any debts after the bankruptcy either. If a person serving court papers comes to your home or office, that may clue people in that you may have some debt issues. If you don’t stop collectors from getting a judgement against you, they can also initiate a wage garnishment. With a wage garnishment, your employer will definitely find out about it because employers must cooperate with the authorities to organize the wage garnishment.
You can put an end to all these activities with a bankruptcy. Contact us if you are ready to make an appointment or if you have any questions. We can be reached at (855) 257-7671.
Bankruptcy Law Professionals has helped clients all over Riverside and San Bernardino counties including, but not limited to these cities:
RANCHO CUCAMONGA, CHINO, CHINO HILLS, ONTARIO, ETIWANDA, MIRA LOMA, MONTCLAIR, POMONA, UPLAND, APPLE VALLEY, GRAND TERRACE, BLOOMINGTON, COLTON, SAN BERNARDINO, FONTANA, HIGHLAND, LOMA LINDA, REDLANDS, RIALTO, YUCAIPA, DEVORE HEIGHTS, RIVERSIDE, LAKE ELSINORE, MORENO VALLEY, MURRIETA, PERRIS, MENIFEE, CANYON LAKE, TEMECULA, WILDOMAR, WINCHESTER, NORCO, CORONA