Bankruptcy Myths- How To Deal With The False InfomationAuthor: Peter Gitundu
Filing for bankruptcy calls for a lot of courage. This is because the whole concept has been compounded with a lot of false information. It is at times difficult to know what is true and what is not. While it is true that filing for insolvency will have a negative impact on your image, it is not necessarily true that everyone who matters to you will get to know about it. About the Author:
Your landlord for example will have nothing to do with the situation, not unless he is one of your creditors. The fact that your name will be published in the gazette does not necessarily imply that everyone will get to know about the news. Thus, your self esteem will not have to suffer or get bruised as a result. In any case, many people have successfully filed for bankruptcy, come out of it and continued with their normal lives. You too can.
Another myth that has been in circulation about insolvency is that a person who has previously filed for the same will never get credit again. Well, this, to a very large extent is untrue. Do not be surprised to find that there will actually be lending firms willing to refinance you after bankruptcy so that you can get back on your feet.
Although these firms will charge high interests, it will be in your own interest to work out a plan with them so that you can refinance yourself as you work out a budget on how to settle your debts. Some of these companies will give you auto loans while others will give you mortgages. They will help you work on your credit rating because they will encourage you to make prompt and consistent installments towards repayment.
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