Although filing for bankruptcy seems to be more common these days with the economic recession, it is still scary. This is a big decision to make, and it can have long-term effects, but for many people it is the only way out of a financial mess.
A bankruptcy can technically stay on your record for 10 years, but in many cases credit agencies are taking it off sooner than that. If you are looking for financing after you have filed for bankruptcy, it is also important to know that banks will often take into consideration the reason for the bankruptcy. For example, if you had huge medical bills that lead to your financial problems, banks will often be more lenient since it was something that was out of your control. If your bankruptcy is a result of poor money management, then you might have more of a problem getting a loan.
As with any financial decisions, it is important to work with the right people. A bankruptcy attorney in Los Angeles can help you to sort through all the information and get you back on the road to financial success.
Remember, it is possible to get a loan after a bankruptcy, but what you do after the bankruptcy can make a difference. Make sure you have a steady income, and don’t accrue a lot of debt. You also want to make sure that all of your bills are paid on time. If you take all of these steps then you are in a better positions to get financing if and when you need it.