National Debt Consultants

Many people are unaware of the two most important aspects of bankruptcy:

Bankruptcy stays on your court records for 20 years and on your credit record for as long as 10 years.
If you apply for a loan, one of the first questions normally asked is: “Have you ever filed for bankruptcy?” Your answer may determine the fate of your loan application.

Bankruptcy should be your last resort, an option you should only exercise after you’ve tried to reduce your debts through debt negotiation and explored all other avenues with an experienced, reputable company like National Debt Consultants.

	Bankruptcy stays on your credit report for up to 10 years
	You may have difficulty getting future credit, including home and car loans
	Any credit you get will probably cost you more in terms of interest rates and fees charged
	It can cost up to $1,000 or more to file bankruptcy
	Alimony, child support, and most taxes are not eliminated by bankruptcy

To help you better understand the truth about bankruptcy, we’ve compiled a list of common myths about bankruptcy and the facts behind those myths.

MYTH: After declaring bankruptcy, I will get to start over with a clean slate.

FACT: Your credit report will still reflect all your debts. Each debt included in the case will be labeled "account included in bankruptcy." The date filed and case number for the bankruptcy will remain on your credit report for up to 10 years. This will likely mark you as a high-risk borrower for future loans, meaning that you’ll face difficulty getting approved for loans and higher-than-normal interest rates if you are approved.

MYTH: If I file for bankruptcy, I will get rid of all my monthly payments.

FACT: Alimony, child support, and most taxes are not eliminated by bankruptcy. You’ll still owe them even after you file for bankruptcy. In addition, if you want to keep assets like your home and your car, you’ll have to stay current on those monthly payments.

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