Credit professionals agree a report of bankruptcy on an individual’s Credit Report stands as the worst entry possible. Failure to manage one’s own financial hardships are demonstrated through filing Chapter 13 bankruptcy, where repayment plans are sought out over a 3-5 year period, and Chapter 7 bankruptcy, where all personal assets are seized for repayment of current outstanding debt.
Bankruptcy remains on your credit report from 7 to 10 years following the initial filing date. Nearly no one writes off huge amounts of debt leading to bankruptcy as an uncontrolled mistake that just happened. Medical bills caused by illness stand in the way of financial stability, when the person being treated is not covered under insurance. Read the rest of this entry »
