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davidtrump

Factors 8, 9 & 10 - 14 key factors when considering bankruptcy

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8. You may be able to get free or low-cost legal help.
Some law firms may have discount programs, so ask about the option, says Mark. In addition, the bar association might have a list of firms that do low-cost or pro bono work. And your local legal aide office might be able to help.

Some cities, including Philadelphia, have organizations such as the Consumer Bankruptcy Assistance Project, which help low-income consumers.

One tip: Avoid nonlawyers who say they can help with a bankruptcy, says Sommer, who is a supervising attorney with the project. Instead of saving money, “you can end up losing several times that amount,” he says.

9. Bankruptcy goes on your credit history.
The safe rule of thumb: A bankruptcy will stay on your credit history about 10 years, says Mark. But the older that bankruptcy is, the less power it has to scare lenders and impact your credit score.

10. It may not make your credit any worse.
If you’ve had financial problems (chronic late and missed payments, charge-offs, etc.), it might not have much of an effect. And you could actually see your credit improve a year or so after bankruptcy, says Sommer.

In general, you can be considered for an FHA loan about a year after a Chapter 13 and about two years after a Chapter 7, says Mark. For a conventional loan, it would be about twice that, he says.

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