A question I get a lot is "Will I be able to rent if I declare bankruptcy?" Or "will I ever get credit again?" The answer is, a bankruptcy isn't great for your credit, of course, but it's a hell of a lot better than a never-ending cascade of late and nonpayments.
If you're considering a Chapter 7 or 13, then your credit has no doubt taken a nose dive already. Bankruptcy is a chance to restart with a clean slate. That means restarting your credit, too. With those credit card debts wiped out, can you live within your means? You should be able to obtain some credit, repay it on time and build from there.
When creditors see you've taken advantage of the clean start, you'll be in a good position, much better than you'd be without bankruptcy. But this is only true if you can truly make the most of the fresh start. If you're going to be back in the same boat, bankruptcy is only a Band-Aid-brand plastic bandage.
If you're considering a Chapter 7 or 13, then your credit has no doubt taken a nose dive already. Bankruptcy is a chance to restart with a clean slate. That means restarting your credit, too. With those credit card debts wiped out, can you live within your means? You should be able to obtain some credit, repay it on time and build from there.
When creditors see you've taken advantage of the clean start, you'll be in a good position, much better than you'd be without bankruptcy. But this is only true if you can truly make the most of the fresh start. If you're going to be back in the same boat, bankruptcy is only a Band-Aid-brand plastic bandage.
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