Bankruptcy may be many things to many people, but I bet you've never thought of it as a first step toward rebuilding your credit. Bankruptcy has gotten a bad rap because it has long-term consequences for anyone who files, and I'm not suggesting that filing Chapter 7 bankruptcy is for everyone under the sun.
Nevertheless, there are some people who have no choice but to declare personal bankruptcy because of the circumstances they find themselves in. Maybe they were overwhelmed by unexpected medical crises or simply were unable (or unwilling) to rein in their spending.
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Whatever the reasons, many people find themselves in the unenviable position of having to declare themselves bankrupt and ask for a financial fresh start. We're not claiming that this is a wonderful situation to be in, but for those who are already there, there is a silver lining.
If you've already determined that declaring personal bankruptcy is a right decision for you (and hopefully you have discussed this with a good bankruptcy lawyer), then you need to realize the original purpose of bankruptcy. It is intended to give you a financial fresh start.
With this new beginning, you have your chance to get a clean slate and wipe out all your debts (assuming you declared Chapter 7 and were successful). The bankruptcy can stay on your credit for up to 10 years, so it isn't something you should take lightly.
Nevertheless, your credit was probably already severely damaged if you have gotten to the point where you can't pay your bills. Therefore, bankruptcy could be seen as a first step to a new and better future. In the past, some lenders have even sought out consumers who had just declared bankruptcy because they have a clean financial slate.
This may be changing with the current financial climate and the results of a credit crunch. Still, you should not give up hope of acquiring credit in order to purchase a home, for example, because you are normally able to do this within a few years of filing bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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