What are the consequences of filing for bankruptcy?
Jan Meriss Alfonso Assistant at Ascent Law LLC What Are the Consequences of Filing for Bankruptcy? There are several negative consequences of filing for bankruptcy. First, some of your assets may be lost during bankruptcy. Bankruptcy trustees may question the value of your assets and may try to seize them to repay creditors. Second, you may not be able to get some jobs because some employers will check your credit report before making an offer. This is mostly a concern for those who are applying for highly sensitive jobs. Buying exempt assets before filing for bankruptcy Before filing for bankruptcy, you need to be clear about what your bankruptcy exemptions are. If you don't know this, you might make a mistake and lose the benefit of an exemption. You should consult your state bankruptcy laws to see what your exemptions are. For example, you can use the state exemptions of the state where you lived most of the last six months. Buying exempt assets is important if you have excess...