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Do you think you need to file for bankruptcy? Do you really know what you are getting into? This is a very important decision and you should know all your choices first. Here are the answers to the bankruptcy questions you might have.

What will bankruptcy do to my credit?

Here is the answer. When you file for bankruptcy you will have bad credit for a few years. You will struggle to get a good loan, even though you will get bombarded with offers as soon as your filing becomes public. Loan companies and credit card companies know that you cannot file for bankruptcy again for 7 years so they will try to get you to take out a high interest loan or credit card.

What is the cost of filing for bankruptcy?

It will cost you anywhere from $500 to $2,000 to file for bankruptcy depending on if you do it yourself or hire some help. Most people will file for chapter 7 or 13 and will use an attorney. This will run around $1,000 and if it is chapter 13 you will have to pay off your debts as well.

Can you keep your car or your house when filing for bankruptcy?

The only way to keep anything when you file for bankruptcy is to not include it in the bankruptcy. If you do your mortgage company will foreclose right away and your auto lender will come and repossess your vehicle. They will do this so they can get as much of their money as possible.

There are many things to consider when it comes to filing for bankruptcy and these are just a few of the many bankruptcy questions you might have. Make sure you are considering all of your options before you spend the money to file and make sure you are making the right decision.