Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
Related Categories
Tip of the Day

Tip of the Day Sign Up for Medicare

Sign Up for Medicare - Because there are many benefits to doing so, you should remember it is wise to sign up for Medicare even before you turn sixty-five and...

read entire tip

Related Podcasts
Recently Added
Other Great Sites
 

Bankruptcy Credit Score

For any consumer, bankruptcy should be the last option taken to resolve a debt crisis. When it comes to their credit score, bankruptcy can be considered a death sentence for a consumer. If an individual decides to declare bankruptcy, their credit score will be severely damaged in a way that will take years for them to repair.

When a consumer finds themselves in a great deal more debt than they can handle, whether by bad investments, job losses or simply foolish spending, federal law allows them to declare bankruptcy in order to protect themselves and their remaining assets from creditors. While this option does allow them some leverage in repaying their debts, bankruptcy is also a critical blow to a credit score. While having a house foreclosed on or a car repossessed is highly damaging to a credit score, bankruptcy is even worse.

When an individual declares personal bankruptcy, their credit score is immediately knocked down into levels that any lender would consider completely unsatisfactory. As a result of the bankruptcy, the credit score will remain in these terrible levels for as long as five years before any positive credit moves can be considered to move the credit score up. Any time there is a bankruptcy, the credit score will take a long time and a lot of good moves to start returning to respectability.

To the credit bureaus, a person’s declaring bankruptcy is the ultimate sign that they are incapable of handling their personal finances and an indication that they are unworthy of having any credit lent to them. With bankruptcy, a credit score is harmed in ways that cannot be equaled through any other action, no mater how drastic. With a bankruptcy, the credit score indicates that all the person’s finances have failed, from credit cards to personal loans and any other active lines of credit they have. These negative marks will stay on their credit record for many years before they can be removed, essentially making the individual radioactive to any potential lender in the foreseeable future.

Discuss It!

http://emoji-quiz.org/pt/268-level-answers said:

Might need to see some unmistakable posts on a similar subject !Thanks for your post.

http://richestnetworth.org/mariah-carey-net-worth/ said:

Incredible posting this is from you. I am really and truly thrilled to read this marvelous post. You've really impressed me today. I hope you'll continue to do so!

Ruby said:

I am perseveringly looking for after online down articles that can offer me some assistance with fortifying my psyche and interest my thoughts.

ems bags said:

I will probably be returning to your weblog for all the more soon what to message your ex to recover her Got some shocking data and might need to give it a shot.

Quickbooks Support Phone Number said:

QuickBooks is a software that is mainly used for accounting purposes.

Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Investing Glossary - A

...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com