New Year’s Resolutions and Bankruptcy
Now that we have entered into 2016, many Chicagoans may be thinking about their finances with regard to New Year’s resolutions. Some of us might be resolving to pay off our debts and to take control of our financial situations. Others might be thinking about filing for Chapter 7 bankruptcy in order to get a clean start for 2016. How can you know whether personal bankruptcy is the right choice for you? According to a recent article from Quicken Loans , filing for consumer bankruptcy is a not a decision that anyone should make easily or quickly. While your financial profile is likely to recover more quickly than some might have you believe, bankruptcy will nonetheless have significant short-term and long-term impacts. Buying a Home in the New Year If you are thinking about buying a house in the next year or two but are also considering personal bankruptcy in 2016, then bankruptcy may place limitations on your future plans. As the article explains, mortgage lenders may...