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Explaining Bankruptcy And Credit
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There are no definite answers to the relationship between bankruptcy and its effect on credit. Unfortunately, if you are behind on your bills; your credit may already be bad. Bankruptcy likely will not make things worse.
A bankruptcy filing may appear on a person’s credit record for ten years from the date your case was filed. Because bankruptcy wipes out your old debts, you may be in a better position to pay current bills, and you may be able to get new credit.
If you decide to file bankruptcy, keep in mind that debts discharged with bankruptcy should be listed on your credit report as having a
zero balance, which means the debt is abolished. Debts incorrectly reported as having a balance owed may negatively affect your credit score and make it more difficult or costly to get new credit. After bankruptcy check your credit report and file a dispute with credit reporting agencies if they improperly list debts which have been eliminated.
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