Debt articles NEWS

Why you should stay out of bankruptcy?

Published by admin on November 25, 2009

Why you should stay out of bankruptcy?
Bankruptcy is the ultimate bomb for your credit score. If you file bankruptcy you can get rid of up to 200 credit score points or even more from a person that has a good credit. People that already have a low credit score will see a smaller drop in their credit since there arent many points that they can cut from their score.

Once you have filled bankruptcy it will stay on your credit report for more than 10 years, it will follow you, and give you all the negative “benefits” that you will get. There are a type of financial sharks called high interest lenders, that are just loving people that just filled bankruptcy since they will be able to offer them high interest loans, and they will be sure to get their money from you, since you are not allowed to file bankruptcy for another 6 years. So there will be plenty of time for them to squeeze the high interest out of your pocket. Also you must know that all the mainstream lenders, that are the best lenders available on the market will not want to work with you once you’ve filed bankruptcy.

Readers Rating: