Many people are embarrassed to find themselves where they are today … no job, no savings, a home nearby or in foreclosure, dead cards, a late (or late) car payment, and nowhere to go. But there is no shame in filing for bankruptcy! It is our constitutional right that our ancestors gave us. If you qualify, which MANY still do, you can still file for Chapter 7 bankruptcy and start over.
Lending institutions can be brutal, especially since the bailout. The moment you exceed your limit or bounce a check, you become their enemy. They typically refuse to help you, regardless of your good record, and suck you out with overages and fees before you can start to chip away at your balances or fix your overdrafts.
While bankruptcy will potentially be a negative mark on your credit history for 7-10 years, and bankruptcy is not the first or only option available to debtors, there are also positive aspects of bankruptcy. This is especially true for young people with long credit lives, seniors with short lives, or homeless people with huge medical bills and limited income. For those suffering from job loss, foreclosure and massive unsecured debt, or a devastating divorce situation, bankruptcy allows people to rebuild their personal and financial life in a few years.
Many lenders actually view those who have gone through bankruptcy as a minor risk initially because they cannot reapply 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 prudent) for a future home, car, or retirement.
While bankruptcy laws were changed and made more restrictive a few years ago, most people can still qualify.
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