"If negative information is a gray stain, bankruptcy is a
big black mark on your credit."
- Ilyce R. Glink, author of
100 Questions You Should Ask About Your Finances
Seven years is a long time to deal with negative information
on your credit report. Ten years can seem a lifetime, but
that's how long bankruptcy will follow you into the future.
Bankruptcy is often seen as magical relief for your financial
woes, but it isn't--it can be just the beginning.
Filing bankruptcy should be the absolute last resort to resolving
debt issues, having exhausted every other avenue.
Beware of any company that says it can wipe out your bad debts.
If you're going to work seriously on your credit problems,
do it with counseling from the right sources.
If you must, at least find out which type of filing best suits
your situation.
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