what can you not do after filing bankruptcies
What can you not do after filing bankruptcy?
After filing for bankruptcy, there are certain restrictions and limitations on what you can and cannot do. Here are some common things you may not be able to do after filing for bankruptcy:
1. Obtain Credit: After filing for bankruptcy, it may be challenging to obtain credit or loans as your credit score may have been negatively impacted. Lenders may see you as a higher risk borrower.
2. Discharge Certain Debts: Not all debts can be discharged through bankruptcy. Debts such as student loans, child support, alimony, and certain tax debts may not be eligible for discharge.
3. Sell Assets: Depending on the type of bankruptcy you file for, you may have to sell certain assets to repay your debts. This could include selling property, vehicles, or other valuable possessions.
4. Start a New Business: Starting a new business after filing for bankruptcy may be challenging as you may face difficulties obtaining financing or credit for your new venture.
5. Hide Assets: It is illegal to hide assets or provide false information during the bankruptcy process. You are required to disclose all your assets and financial information truthfully.
It is important to consult with a bankruptcy attorney to understand the specific rules and regulations that apply to your situation and to ensure that you comply with all legal requirements during the bankruptcy process.