What Bankruptcy Could Do To You

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » What Bankruptcy Could Do To You

What Bankruptcy Could Do To You


Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.

There is this wrong notion held on by many unsuccessful businesses that bankruptcy should be declared in order form to rise again and flourish once more in their trade. Bankruptcy is a scary reality that once claimed will not get out of your life the moment you want it to be out. The effects are long-term and the haunting idea that you failed will stay in the back of your mind for some time. A fresh start is promising yet difficult. Filing for bankruptcy would rather turn you away from better opportunities. Along with divorce, disability, severe illness and the loss of love one, bankruptcy is the fifth most desperate condition a man could be into.

So you have been into unpaid debts and collectors have been constantly harassing you just to force you to pay what you have borrowed. Filing for an economic failure could be an option but you have to accept that once you are under such condition, you have already given up better options. Before deciding to declare that you are already hopeless, be sure to understand that total bankruptcy declaration could haunt your credit reports for ten years while partial unsuccessful business could stay in your reports for seven years.

You may be intelligent enough to understand that your credit reports are the best basis for future transactions to be approved. Your credit worthiness can be ruined by your credit history. Criminal fraud may even emanate from the moment you lie about your past bankruptcy declaration just for you to get a loan. Before you decide for the condition of your finances, it is recommended that you try to get financial counseling in order for you to acquire the peace of mind to decide better. Counseling could also show you the way to remedy your current situation.

Bankruptcy is a clear financial term that would mean you have already given up. This is alarming because hope can be anywhere and it just needs a little extra effort from you to search and find your way back to a flourishing business. Look for opportunities that could save you and your life. Declaring financial failure will not only cause you to go down the drain at the moment but will also pull you down for life. As early as possible, it will be better if you scour for means in order to uplift your condition. Negotiate and compromise with good companies and banks and surely you will find a way out of bankruptcy.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!