Thursday, 20 August 2009

The Implications of Bankruptcy on Your Credit Score

Most people think about bankruptcy as something that can jeopardize their credit score so much that it is nearly impossible to revive their credit score after bankruptcy. But, that is not the case. First of all, you do not need to file bankruptcy unless it is unavoidable. Also, there may be situations where bankruptcy can be the best solution to come out of your predicament. Coming back to the case of credit score, it is true that the blemish made by bankruptcy will remain on your credit history for 10 years. However, you can recover if you work in the right channel. If you attain a better financial discipline after a bankruptcy, you can even improve your credit score to a position better than before.

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