Bankruptcy Can Stay On Your Credit Report For 10 Years

April 11th, 2010 by admin

In 2010, many experts are worried that bankruptcies will double. Because of this, avoiding bankruptcy has become a national priority as hundreds of thousands of homeowners are past due over 90 days and face losing their homes because of high interest rate adjustable mortgages. Unemployment rates continue to surge with no end in sight. Bankruptcy is a legal, but is supposed to be a last resort to resolve personal and business indebtedness. Filing chapter 7 may seem like a quickfix but if you’re not careful it can adversely impact your future buying power. A Chapter 7 bankruptcy will remain on an individual’s credit report for 10 years.

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