What are some effects of bankruptcy in the USA on the person and their family?
What are some effects of bankruptcy in the USA on the person and their family? Tim Cella used to work at several law firms First thing I need to say is to talk to a lawyer before you file as it can ruin your life or save your life depending on your situation. Bankruptcy can have a significant effect on both a person and their family in the United States. In the most immediate sense, filing for bankruptcy can negatively affect a person's credit score and their ability to qualify for credit in the future. This can cause difficulties in obtaining necessary loans and can make it more difficult to purchase a house or car, or to open a business. Bankruptcy can also affect a person's job prospects, as some employers may view bankruptcy as a sign of financial instability or irresponsibility. For a family, bankruptcy can have the same negative effects on credit and job prospects. Furthermore, if the family relies on the person who has declared bankruptcy for income, the family may str...