Title: Personal Bankruptcy

Consequences of Personal Bankruptcy

There are many measures you can take before concluding that personal bankruptcy is the only way

out of your financial straits. Personal bankruptcy is quite definitely a last resort because the

consequences are too severe and long-lasting. The bankruptcy itself remains on your credit report

for 10 years. The debts that resulted in the bankruptcy remain for seven years.

A personal bankruptcy signals to a potential creditor, rightly or wrongly, that you would not take

preventive steps to stop your downward financial slide. As an extremely negative mark on your

credit history, it will be extraordinarily difficult to overcome when it comes to getting new credit.

A personal bankruptcy guarantees you will pay higher interest rates and extra fees and charges

for credit, if credit is offered at all.

Prevent Bankruptcy

All the more important that you find out the many directions you can explore before you get to

the point of bankruptcy. The advice of financial consultants is discussed throughout this Credit

Repair Hub: contact creditors for help, get rid of credit cards, put yourself on a budget. Make an

appointment with the Consumer Credit Counseling Service (CCCS) to see if they can arrange

better payment terms for you.

Obtain secured, pre-paid, or stored value credit cards so you have an automatic check on charges

you can make. Get a reliable person with good credit to co-sign for any credit or loans you must

have. Make payments in full and on time. In addition to building good credit for yourself, you also

maintain your friend's good credit.

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