Recently new bankruptcy laws have come into effect that require debtors to attain consumer credit counseling first, and reach an agreement with creditors without having to involve the lawyers and courts. Bankruptcy is final and drastic; it stays on your credit record for ten years, and legally, you can file every seven years if you want to, though I wouldn’t recommend it. It is possible to get credit again with some type of secured loan or credit card, but it doesn’t come any where near repairing the damage that has been done to your credit. Everyone needs to check out your credit score for some reason or another, examples of this: renting or buying a home, buying a vehicle, attaining employment, being approved for a security clearance required for some types of positions, applying for any type of loan or credit card, or even opening a bank account with an overdraft protection feature.
06-25-2008