Many people are embarrassed to be where they are today… no job, no savings, home near or in foreclosure, depleted cards, car payment overdue (or late), and nowhere to turn. But there is no shame in filing for bankruptcy! It is our constitutional right given to us by our ancestors. If you qualify, which MANY still do, you can still file Chapter 7 bankruptcy and get a “fresh start.”
Lending institutions can be brutal, especially since the bailout. The moment you go over your limit, or bounce a check, you become your enemy. They often refuse to help him regardless of his good track record, drying him dry with overages and fees before he can start chipping away at his balances or fixing his overdrafts.
While bankruptcy will potentially put a negative mark on your credit history for 7-10 years, and bankruptcy is not the first or only option available to debtors, bankruptcy also has positive aspects. This is especially true for the young with long credit lives, the elderly with short credit lives, or the homeless with massive medical bills and limited income. For those experiencing job loss, foreclosure and massive unsecured debt, or a devastating divorce situation, bankruptcy allows people to rebuild their personal and financial lives in a matter of just a few years.
Many lenders actually view those who have been through bankruptcy as less of a risk initially because they cannot refile for a minimum of 7 years. Second, your debt-to-income ratio may be better because you’ve potentially reduced your large unsecured debt, etc., freeing yourself up to save larger amounts of cash (if you’re prudent) for a future home, car, or retirement.
Although the bankruptcy laws were changed and made more restrictive a few years ago, most people can still qualify.
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