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What Bankruptcy Really Means for your Financial Future

All of this negative publicity about bankruptcy and mortgages, and youíre probably thinking to yourself, ďThereís no way Iím ever going to declare bankruptcy!Ē

All of this negative publicity about bankruptcy and mortgages, and youíre probably thinking to yourself, ďThereís no way Iím ever going to declare bankruptcy!Ē  Whilst this is a great attitude to have, it is important to know that much of what you know about bankruptcy and mortgages is wrong.  This comes as great news to those of you who have or currently are bankrupt, so spend some time checking out what bankruptcy really means for your financial future.

The Myths

Before taking a look at the reality of bankruptcy with relation to your financial future, itís good to check out the myths that have been circulating for many years, compliments of mainstream lenders, most mortgage brokers and the media.  Hereís just a few of the myths:

  • If people end up bankrupt, itís their own fault;
  • Most people who are or have been bankrupt had no other choice other than to go bankrupt Ė they will always be bad with money;
  • People who have or are bankrupt will never obtain finance or a mortgage; and
  • If you are or have been bankrupt, forget about ever achieving a financially secure future.

Sure, bankruptcy isnít a great thing to have to experience.  After all, a bankruptcy will always be on your credit file, so it can be a painful reminder of a very difficult time in your life.  This said however, each of the four points listed above are myths.  Hereís why:

  • Sure, sometimes we make mistakes with money, but we arenít really educated on how to handle money.  In our school systems good money management it isnít taught and our financial institutions are constantly bombarding us with marketing material, encouraging us to spend up big Ė even if we donít have the money.  Itís a buy now, pay later mentality and the truth is itís a conspiracy!  The big financial institutions vs the financially un-educated masses, and most of the time the big guys win.  Itís not your fault if you go bankrupt, because so many external factors will come into play.
  • Most people who declare bankruptcy do so because they have been given poor or incorrect advice.  Many people believe that bankruptcy is their only option, when it more than likely is not.  If people speak to reputable bad credit experts, other not-so-drastic options will be presented to them, which will help them out of debt.
  • People who are or have been bankrupt can get finance Ė they can even get a home loan.  Bad credit mortgage experts help people with bad credit secure home loans Ė with competitive rates.  The key is to consult with a bad credit expert who is reputable and experienced in this field.  Talk to a specialist today!  Donít be fooled by the advertising and myths that say interest rates on high risk loans are through the roof, because itís just not true.
  • Even if you have or are bankrupt, you can still achieve a financially secure future.  If you get the right advice from a reputable bad credit mortgage specialist, you can follow their expert directions and look forward to a financially secure future. 

Bankruptcy isnít the End!

If you are or have been bankrupt, it isnít the end!  In fact, far from it!  Even a traumatic event like bankruptcy can be seen as an opportunity.  This is how it should always be viewed.  It is an opportunity to work with a financial expert who can provide you with the guidance you need to enjoy a financially independent future.  To get back on the path to a good financial standingFind Article, seek out a reputable specialist today! 

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Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching.

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