Most people considering bankruptcy have 2 options – Chapter 7 and Chapter 13. Chapter 7 bankruptcy (also known as straight bankruptcy) helps you discharge debts through asset liquidation. On the other hand, Chapter 13 bankruptcy (also known as reorganization bankruptcy) discharges your debts through a customized repayment plan. Both have pros and cons. But if …
Category: Bankruptcy
Bankruptcy destroys credit score – How much truth is in it?
Perhaps the biggest reason why debtors are afraid of filing bankruptcy is because of its impact on their credit score. “Bankruptcy destroys credit score” – This is what most people believe by heart. But how much truth is in this quote? Is bankruptcy really the biggest enemy of your credit score? Get your facts correct. …