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Why Bankruptcy is a Bad Idea

Most people who feel they are in dire straits because of credit issues look to bankruptcy as their solution to solving their credit crisis. There are two types of personal bankruptcy and we will discuss the two types briefly. The two types are Chapter 7 and Chapter 13

Why File for Chapter 7 Bankruptcy

Chapter 7 bankruptcy is where a trustee takes possessions of nonexempt assets and are sold off to pay debts to the creditors. After the assets have been liquidated, the rest of the debts have been cancelled and debtors can no longer collect from you. You will have your Chapter 7 Bankruptcy on your credit report for ten years from the filing date.

Why File for Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy will be on your credit report for seven years from filing date. A Chapter 13 Bankruptcy is usually filed if you have filed a Chapter 7 bankruptcy in the less six years, you have debts with cosigners, or if you wish to leave open the option to file Chapter 7 Bankruptcy later.

Why You Shouldn't File Bankruptcy

While some immediate effects are felt after filing from bankruptcy, such as happiness and relief, the effects from filing for bankruptcy are long lasting. If someone finds out you have filed for bankruptcy, your confidence can become shaken and a stigma of the embarrassing situation can follow you around for years. Most people don't know that certain types of loans, such as mortgage loans, will not be approved for three years after filing for bankruptcy.

There are faster, cheaper, and less embarrassing solutions to filing for bankruptcy.

Fill out the form below and let Spartan Credit help you move forward in life with dignity, efficiency, and better results than filing for bankruptcy.

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