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Credit Guides And Credit Services Blog 27 November 2008

27 November 2008

Should I file Bankruptcy, They will also raise your interest back up and

Posted by James Breen at 11/27/2008 4:16:00 AM

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When you declare bankruptcy, you are taking an official legal action — essentially saying, "I cannot repay all of my outstanding debts and want to make a fresh start." Unfortunately, a Chapter 13 bankruptcy filing will remain on your credit record for at least seven years, and Chapter 7 bankruptcy filings can stay there for 10 years. Either of these bankruptcy filing can affect both your credit score and how lenders perceive your credit worthiness.