Filing for bankruptcy is a great way to wrangle up your finances and get back on track. However, many people often have a very shortsighted approach to bankruptcy. Yes, working with Bankruptcy Attorneys in St. Louis County MO can help a person gain more control over their debt, but remember that every action has a reaction. The following are just some of the problems and inconvenient situations a person can expect after filing for bankruptcy.
Applying For A New Apartment
Property owners often have a very extensive process when it comes to deciding who should and shouldn’t move in. It’s standard for these owners to conduct both a criminal background check and a credit check. After filing for and being approved for bankruptcy, this filing will be available on your credit report for many years. Having a bankruptcy filing and a low credit score on your record can discourage some property owners from accepting your application.
Getting A Brand New Mortgage
In most cases, it’s almost impossible for a buyer to purchase a home without financing. Banking institutions routinely conduct credit checks for all applicants before providing a loan. Unfortunately, having a bankruptcy on file is no good. Filing for bankruptcy labels you as a financial risk to banks and other mortgage companies. If you’re lucky enough to get approved for a mortgage, be prepared to pay extremely high -interest rates. Talk with Bankruptcy Attorneys in St. Louis County MO about your future mortgage options.
When Looking For A Job
Many people often fear that, just like property owners and mortgage companies, employers will turn them away if they’ve filed for bankruptcy in the past. Luckily, most employers don’t care about whether or not an employee has filed for bankruptcy. In fact, your bankruptcy shouldn’t be taken into account by any government, state or federal agency. On the other hand, if you’re looking to become an accountant or bookkeeper for a private employer, your bankruptcy filing may become an issue.
Visit Jerry Hoff Law and speak with a lawyer about your bankruptcy options and what these options mean for your future. Again, property owners and banks are very carefully when it comes to dealing with those who’ve filed for bankruptcy and have bad credit. Also, depending on what job and employer you choose, your bankruptcy may or may not hold you back.