Question by Ty: Why should you avoid bankruptcy?
please explain
Best answer:
Answer by Dan B
Two major issues: The bankruptcy will stay on your credit profile for 10 years (or longer in some instances). So getting low interest loans will be difficult. Getting a job that deals with money or high value inventory items and merchandise will be difficult – they don’t want people, who can’t manage their money, to enhance their paychecks by taking money from the till or selling inventory.
Depending upon the state of residence and the type of bankruptcy, a lien can be placed against your home or other property and assets for the money owed.
I’m sure there are other issues with bankruptcy.
Add your own answer in the comments!
Six Savvy Ways to Avoid Overspending this Holiday Season
"I'm talking about worst-case scenarios that all-too-often come true, from debt settlement to bankruptcy." 1) Pay with cash. This means leaving credit cards and debit cards at home. Know your budget for the day's spending and take no more cash than …
Read more on MarketWatch (press release)
