Bankruptcy
Filing for bankruptcy will impact your credit
for a very long time and may not be the best option for taking
care of debt. A bankruptcy will stay on your
credit report for up to 10 years. However, in some cases,
bankruptcy is the best last resort solution.
Unfortunately, consumers are often pressured into filing for
bankruptcy when there are better alternatives. There are
two types of bankruptcy filings for consumers:
-
Chapter 7 bankruptcy - This is known
as "liquidation." With this type of bankruptcy, most
debts or eliminated or liquidated, and the consumer does not
have to pay them back.
-
Chapter 13 bankruptcy - This is the
"wage earner's petition." This is basically a
repayment plan for your debts.
Before considering bankruptcy, it is important
to contact an accredited credit
counselor to discuss all of your alternatives for
getting out of debt.
You may want to consider a debt management plan, debt
settlement, or some other tool for taking care of debt and
avoiding bankruptcy.
Call us Toll-Free: 866-406-4132
Email Us at:
debthelp@newcreditdebtconsolidation.com |
