Learning Center
Basic Finance
How Credit Affects You
Preparing for Home Ownership
Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
Module 2
How Credit Affects You
Bankruptcy
line
< PREVIOUS | 1 | 2 | 3 | 4 | NEXT >

Consequences of Bankruptcy

It Affects More Than Just Your CreditBankruptcy affects much more than your credit. Here are a few examples of the far-reaching negative effects of filing for bankruptcy:
  • Businesses increasingly use credit reports when making employment decisions. A bankruptcy filing could determine whether or not you get the job you want.

  • You will pay more for certain services such as insurance if you have declared bankruptcy.

  • If you decide to move in seven to 10 years after filing for bankruptcy, you could find it difficult to rent an apartment or qualify for a home loan.

  • You could find it hard to get basic utilities. Phone companies and other utilities and service providers often look at credit history before deciding to grant you services.
< PREVIOUS | 1 | 2 | 3 | 4 | NEXT >
  Countrywide Home Loans, a division of Countrywide Bank, FSB is an Equal Housing Lender. © 2007 - 2008 Countrywide Financial Corp. Trade/service marks are the property of Countrywide Financial Corp., and/or its subsidiaries. All rights reserved. The content of this website is provided for the convenience of our readers and is for informational purposes only. Readers are encouraged to use the content of this website to supplement their knowledge and to also seek out other reliable sources of information prior to engaging in the home financing and home buying processes. The information featured herein is intended to be accurate and we will make efforts to keep this website updated. However, due to the rapid changes occurring in the programs, products, services offered within the home financing industry, we do not guarantee the accuracy of the information presented. Countrywide is not responsible for the contents of, or products or services offered on, third party Web sites and provides links to such sites solely for your convenience. This is not a commitment to lend. All rights reserved.