Monday, February 24, 2014
Browse »
home»
and
»
bankruptcy
»
finance
»
personal
»
BANKRUPTCY AND PERSONAL FINANCE
Practice development LegaliMarketing is the law marketing firm providing best law practice development strategies for forwarding your law business in the internet marketing world.
BANKRUPTCY AND PERSONAL FINANCE
Bankruptcy is a process through which the debts of a debtor are eliminated. However it must be considered as the last option as even after filing bankruptcy the financial burden does not decrease, it increases in other ways.
First the effect will be on the credit report. The bankruptcy filling will be recorded in the credit report of a debtor for seven to ten years. In United States of America credit report display a lot of thing. Through this the capability of managing the personal finance of a person is judged. Now if the bankruptcy filing is recorded in the credit report then it is a real problem for the debtor to avail a loan if needed. Sometime credit report is also checked by the employer when a person is applying for a job. So a bad credit report can even be a barrier to a good job or it can also stop a person to get other financial benefit.
Bankruptcy is a common scenario in west affecting the personal finance of the victim badly. If any investment is made in retirement plans without anti alienation clause, in certificate of deposits or in any long term investment policies, the person may or may not protect the assets form bankruptcy proceedings. In that case it is always good to consult a bankruptcy attorney as an attorney can only show the ways to protect the assets.
As the number of companies filing bankruptcy is increasing the share market is also getting affected. So investment in share market can also be troublesome as filing bankruptcy diminishes the net asset value of a fund of a particular sector in an economy. This can provide a set back to the personal finance of a person.
Bankruptcy is a step to be considered caully and of course it is always required to consult an attorney before choosing bankruptcy.
First the effect will be on the credit report. The bankruptcy filling will be recorded in the credit report of a debtor for seven to ten years. In United States of America credit report display a lot of thing. Through this the capability of managing the personal finance of a person is judged. Now if the bankruptcy filing is recorded in the credit report then it is a real problem for the debtor to avail a loan if needed. Sometime credit report is also checked by the employer when a person is applying for a job. So a bad credit report can even be a barrier to a good job or it can also stop a person to get other financial benefit.
Bankruptcy is a common scenario in west affecting the personal finance of the victim badly. If any investment is made in retirement plans without anti alienation clause, in certificate of deposits or in any long term investment policies, the person may or may not protect the assets form bankruptcy proceedings. In that case it is always good to consult a bankruptcy attorney as an attorney can only show the ways to protect the assets.
As the number of companies filing bankruptcy is increasing the share market is also getting affected. So investment in share market can also be troublesome as filing bankruptcy diminishes the net asset value of a fund of a particular sector in an economy. This can provide a set back to the personal finance of a person.
Bankruptcy is a step to be considered caully and of course it is always required to consult an attorney before choosing bankruptcy.
Practice development LegaliMarketing is the law marketing firm providing best law practice development strategies for forwarding your law business in the internet marketing world.