Filing for bankruptcy has changed more than just my financial life. There are options that are simply not open to me because of my bankruptcy.
There are jobs that I simply cannot get because I have filed for bankruptcy. A job in the financial sector would be difficult for me to get at this point. The thinking is that how can you be trusted with someone else's money if you can't even be trusted with your own. In fact, I would likely have difficulty getting any job where they perform a credit check. This may not be as much of a problem after my bankruptcy falls off my credit report but it takes 10 years for that to happen. I will also likely never be able to get a job that requires any kind of security clearance. Having ever filed for bankruptcy can make you a risk.
My husband and I will not be able to have joint accounts for just about anything until the bankruptcy falls off my credit, maybe even longer. The reason for this is because banks could put a note on his credit report indicating that the account is shared with a person who has declared bankruptcy. This is true of even some bank accounts.
I will likely never own a home again. My husband owns the home we live in and this will probably not change even after the bankruptcy is no longer on my credit. Even after the bankruptcy falls off my credit, I will likely never have as good of a credit score as he does. Because of this, refinancing the mortgage loan to include my name would mean a higher interest rate and payment. Since this would not make financial sense, it is doubtful that my name will ever be on the house.
Helping My Kids Establish Credit
Sometimes parents can help their children establish good credit by putting the child's name on a credit card the parent has. You can even do this without giving the child access to the credit card. Because of my bankruptcy, I will not be able to do this for my children and they will be on their own to establish good credit.
Bankruptcy has many consequences besides simply ruining your credit for 10 years. There are things I may never be able to do because of my bankruptcy. It is a life changing decision with permanent consequences.
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