Hamilton Horizons Federal Credit Union is a member-owned, not-for-profit financial cooperative. This page provides our members with some information about declaring bankruptcy.

Information about Bankruptcy

Bankruptcy – A Quick Fix That Will Cost You

It sounds so easy: Call a bankruptcy lawyer and get rid of all of your debt. What they don’t tell you is how it will affect your credit history in the future and end up costing you more money down the road.

Here are four important reasons not to file for bankruptcy:

  • A bankruptcy discharge stays on your credit report for 10 years, jeopardizing every loan application you make for an entire decade.

  • You may lose your membership in the credit union. That costs you money in the long run because there are few financial institutions that offer quality service and are as competitive on fees and savings and loan rates as we are.

  • If you are somehow approved for a loan following a bankruptcy, you will be limited in your choice of lenders and will pay a much higher interest rate than other borrowers.

  • There may be some debts that your bankruptcy does not discharge, such as tax liability, child support, and some student loans.

If you are considering filing for bankruptcy, please call the credit union to discuss your options.

At Hamilton Horizons, we’re committed to providing you with access to quality, personalized service for the financial information you need. Call us at (609) 631-4300 or toll-free at (800) 449-3221 for all your financial needs.

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Hamilton Horizons Federal Credit Union offers access to TruStage Insurance Services.  For more information, please call 609-631-4300 or toll-free 800-449-3221.

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