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Thinking of Bankruptcy

Thinking of Bankruptcy

If you’re having financial difficulties and you’re thinking of bankruptcy as a way out, consider these facts first:

  • Bankruptcy does not wipe your credit slate clean and give you a "fresh start."
  • When you file for bankruptcy, it stays on your credit report for up to ten (10) years.
  • You’ll have trouble getting credit. Creditors seldom extend credit to someone who has filed for bankruptcy. That’s true whether you file for straight bankruptcy under Chapter 7 or you file under Chapter 13 with the intention of repaying your debts.
  • You’ll have difficulty getting any type of loan - for a car, a home, credit cards, education, personal needs, etc.
  • There are options other than bankruptcy. If you need special debt counseling, contact American Consumer Credit Counseling.

    American Consumer Credit Counseling is a non-profit organization geared to helping people in financial difficulties.

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