Credit 101 : Bankruptcy (Page 1 of 4)
Filing for bankruptcy has a very negative connotation in society, but it’s a way for people who have found themselves in serious financial trouble to ease the burden of what they’ve done and allow them to start over. Businesses don’t like it, but for consumers, it can be a life saver.
This writer knows of one young girl – just 21 years old – who was over $20,000 in debt plus she had her car repossessed for non-payment. At this young age, she was in serious financial trouble with no way out.
She was (still is) going to school trying to earn a degree so she can get a good job, but since her first credit card was issued to her at age 17, her credit woes began and they didn’t end until she was able to file for bankruptcy.
Her debts were discharged and she was able to start all over again. She purchased a (very) used vehicle for cash, got a part-time job while she went to school and worked very hard to build her credit up slowly.
Now she is 30. She has a well-paying job as a nurse at a local hospital and just celebrated buying her first home. She once told me, “I knew I was in over my head and I became very depressed because of it. The bankruptcy was the best thing I could have ever done for myself even though at the time, it was the hardest.”
Let’s start by exploring the different types of bankruptcies. There are three different filings you can make: Chapter 7, Chapter 11, and Chapter 13.
Continue : Bankruptcy - Chapter 7 (Page 2)
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