(1) Bankruptcy is NOT a 10 year death sentence to your credit. MOST PEOPLES CREDIT SCORE WILL BE IN THE LOW 700?S WITHIN 18-36 MONTHS AFTER BANKRUPTCY.
(2) Most people lose nothing in a chapter 7 bankruptcy (except the debt, of course).
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Credit rebuilding after bankruptcy occurs fairly quickly and you will have access to credit (if you want it) immediately after filing bankruptcy. You will be shocked by how quickly you receive credit card offers and offers to finance a car immediately after your chapter 7 discharges. During that rebuilding phase, if you use credit, you will pay a higher interest rate, but once you reach the 18-24 month mark, you should be able to receive market, prime credit interest rates for most loan/credit types.
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Every state, in some manner or another, allows you to protect your assets from being taken in bankruptcy. Bankruptcy is not about leaving you destitute for the benefit of your creditors. If you were left destitute, you would become a burden on society and taxpayers. Instead, bankruptcy is about rebuilding your financial life so you thrive and can become successful. In over 90% of chapter 7 bankruptcies, the debtor loses nothing (source).
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Stop agonizing over your decision to file bankruptcy; if your total unsecured debt is 40% or more of your gross annual income, it is time to consider bankruptcy. Your debt is the obstacle to you paying your necessary living expenses, living a happier life, and planning for your financial future.
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Author: Matt Berkus
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Source: http://mpslawoffices.com/2-bankruptcy-secrets-your-creditors-dont-want-you-to-know/
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