3 Mean Bankruptcy Myths Exploded
One of the most dreadful bankruptcy myths is that when you file for bankruptcy, you will lose all your assets and therefore will have to start your financial life all over again. In fact, there are many types of bankruptcy and each type determines what is protected property as well as what has to be liquidated to pay the debts.
Another mean bankruptcy myths is that you will never be considered for a loan again. This is not true. In actuality you may find the opposite to be true. Just a few months after the bankruptcy has been declared, you may start getting offers – especially form credit card providers.
The third of the meanest of bankruptcy myths is that once the bad debts are gone, your credit score would improve. Not true. Improving your credit score after bankruptcy is a slow and very arduous task. The ‘mark of bankruptcy’ will stay on your credit report for as long as 11 years.
Source: 3 Mean Bankruptcy Myths Exploded
