Bankruptcy

When you owe more money than you can repay you may decide to file for bankruptcy. Bankruptcy filings may be made by either individuals or companies in a federal court. Filing for bankruptcy allows you to either have your debts discharged (erased) or to set up a payment plan so you can repay those people who you owe money. While bankruptcy may be the right solution in some situations, it has long term consequences, such as a bad mark on your credit report. It's harder to obtain new loans when you have filed for bankruptcy.

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Chapter 7 Bankruptcy Still Affects Credit History After Seven Years

Added October 30, 2009 by Ilyce R. Glink

Chapter 7 Bankruptcy Still Affects Credit History After Seven Years Chapter 7 bankruptcy still affects a buyer's credit history even after seven years from the date the bankruptcy was filed.

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How Does Negative Information Affect Your Credit Score?

May 11, 2009

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Summary:

Your credit score is determined by looking at a combination of information from credit cards, available credit, payment history, and other financial information. Negative information like bankruptcies and liens can drastically lower your credit score, but the information won't stay there forever…

Watch Video: How Does Negative Information Affect Your Credit Score?