This was in response to a request by the Trenton Trib to address the 4 most important things people don’t realize about bankruptcy. If you would like mor Facts about Bankruptcy visit www.bowserandassociates.com and click on FAQ at the top of the page or call 855-2 BOWSER
1. Honestly and realistically evaluate your financial situation before you tap into you retirement funds in answer to problems like unemployment or another financial crisis. Usually it is never enough and once depleted bankruptcy is needed. NOTE: Retirement funds are 100% protected in bankruptcy - regardless of the amount.
2. If you are way underwater in your home, you can eliminate your 2nd Mortgage or Equity loan in a Chapter 13 Bankruptcy.
3. After bankruptcy, your credit score will improve and you will get credit again. The delinquent debt will be gone and you will get a fresh start.
4. If you have lump sums, you may be able to settle your debt, as a Bankruptcy alternative. But you can do this on your own - DON'T use a debt settlement company - they will take your money and you will have to file bankruptcy anyway.
2. If you are way underwater in your home, you can eliminate your 2nd Mortgage or Equity loan in a Chapter 13 Bankruptcy.
3. After bankruptcy, your credit score will improve and you will get credit again. The delinquent debt will be gone and you will get a fresh start.
4. If you have lump sums, you may be able to settle your debt, as a Bankruptcy alternative. But you can do this on your own - DON'T use a debt settlement company - they will take your money and you will have to file bankruptcy anyway.
