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Q & A - Questions and Answers
If I declare bankruptcy, can I start over with a clean slate?
BANKRUPTCY SHOULD ONLY BE CONSIDERED WHEN ALL OTHER POSSIBLE OPTIONS HAVE BEEN EXHAUSTED.
Many consumers believe that because bankruptcy has become more common, it doesn't carry the same stigma that it used to. Maybe there isn't as much of a social stigma, but the damage bankruptcy does to your finances and credit status is serious and far-reaching.
Both Chapter 7 and Chapter 13 Bankruptcy follow the filer for years and carry many negative consequences. Although not impossible, it is very difficult to get a bankruptcy removed from a credit report. Even if it does get removed, consumers are commonly asked on applications for loans, credit cards, rentals and even jobs if they have ever filed bankruptcy. It is fraud if the applicant doesn't tell the truth. Just because their credit report may not list bankruptcy doesn't mean it never happened. Bankruptcies are also public records that anyone has access to; so it's not very wise to lie about it.
In addition, there are many debts that cannot be included in a bankruptcy such as tax liens, student loans, child support, fines incurred from criminal activity, etc. Until these debts are satisfied, they will continue to show up on your report.
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