Keep in mind the following regarding the bankruptcy:
Generally, consumers have less than perfect credit prior to filing for bankruptcy and would be turned down for credit if it was applied for. After filing for bankruptcy, consumers will continue to be turned down for credit, just as before. However, bankruptcy is different from just a poor credit rating (Surviving Debt, 223-224).
Bankruptcy stays on your credit report for up to 10 years, thus causing difficulty for that time. Under certain circumstances, bankruptcy will remain part of your history for the rest of your life, not just 10 years. These circumstances include, but are not limited to: applying for a job that requires a security clearance or bonding, purchasing life insurance with a face value of $50,000 or more, or applying for a mortgage or other loan of $50,000 or more (Waddell, A-19).
Once a consumer has filed bankruptcy, it does not mean that he or she will be unable to obtain credit for 10 years. At first, most will be unable to obtain credit, but slowly they may rebuild their credit rating. Interest rates for consumers with a poor credit rating will pay higher interest rates, but eventually, credit will be attainable (Detweiler, 94-97).
We have the solution for you to get the financial relief you need that doesn't involve attorneys, court appearances, creditor meetings and judges. Find out what thousands before you have already discovered. Receive a free consultation from a debt consolidation specialist who understands your debt problems!
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