Bankruptcy Chapter doesnt necessarily ruin your credit

Many hapless borrowers are talked into ill-fated debt management repayment plans including Chapter 13 bankruptcy. They are told that bankruptcy (Chapter 7 liquidation) will ruin their credit. It stays in the credit file for 10 years. In response, these troubled debtors quake with the fear of stigma and the thought of becoming a credit leper.

While it is true that both Chapter 13 (debt repayment) and Chapter 7 (liquidation) show up in your credit report for 10 years, it does not follow that Chapter 7 bankruptcy ruins your credit for 10 years, or even 2 years.

Credit Score Confidential

Credit Score Confidential

The Secret Of Boosting Your Credit Score is Finally Revealed! Who Else Wants To Boost Their Credit Score to Repair. Financial Damage Constantly Hanging Over Your Head? Does this Scenario Sound Familiar to You? They're smiling but they don't trust you.

Get My Free Ebook


Post a comment