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7 urban myths about bankruptcy as well as your credit debunked

7 urban myths about bankruptcy as well as your credit debunked If you’re sharing you’re charge card, your more likely to end up having a hand that is losing. Get free from financial obligation written for a blackboard, because of the o represented with a stopwatch (picture: Getty pictures) Filing for bankruptcy is damaging to your credit and that can cause your credit rating to plummet a lot more than 200 points. However for individuals in serious straits, bankruptcy is a final resort that will help them liquidate assets, discard or pay back debts, and obtain some economic relief. You need to understand how it will affect your credit if you’re considering bankruptcy. This calls for clearing some common misconceptions about exactly exactly just how bankruptcy impacts your credit. Myth Number 1 You will have a higher post-bankruptcy credit score than if your report contained negative information prior to filing if you don’t have negative information on your credit report prior to bankruptcy. The facts: good re payment history and too little negative information does almost no to attenuate the effect of a bankruptcy on the credit rating. The existence of a bankruptcy, and also the amount of time the bankruptcy happens to be in your report, will be the determining factors that are strongest Myth Number 2 All bankruptcy information stays in your credit history for 10 years, without exclusion. The reality: just the general public record of the Chapter 7 bankruptcy can last for a decade. All the bankruptcy recommendations stick to your credit history for seven years, including: Trade lines that state “account contained in bankruptcy”...