The Effects Of Personal Bankruptcy On Your Credit

Host: How does personal bankruptcy affect my credit?
Markita Aldridge: Well, personal bankruptcy is another way that you can actually deal with that. However the consequences are long standing when you do follow bankruptcy. Typically they will store your credit 14 years. In some case we do recommend that you do follow bankruptcy and that is not very popular to say but there are some cases where a first start is actually needed. At chapter seven is where you're going and you wipe out all of your personal debt and you do have a new start.
Typically, with lenders and other companies, you are not going to able to get back so, the game of finance for couple of years. You could do some things to try to reestablish credits right away, but you will be basically out of the credit game at a high level before at least a couple of years and that bankruptcy will always report on your credit, at least for the next ten years.


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