Whether you just completed your journey along the Chapter 7 bankruptcy timeline or you’re just now getting in touch with a Chapter 7 bankruptcy attorney to start your bankruptcy filing, opening up a new credit card is probably the last thing on your mind — because credit card debt was likely one of the things that led to you filing bankruptcy. However, one of the most well-known Chapter 7 bankruptcy facts is that it stays on the filer’s credit record for 10 years after the filing, and can have a devastating impact on your credit score and ability to get approved for financing and loans later on. In fact, a December 9 Investopedia article reports that the average bankruptcy filer’s credit score falls to the mid-500s.
Filing for Chapter 7 bankruptcy helps people who have an overwhelming level of debt start over again with their finances and move forward with more responsible borrowing habits. However, after the Chapter 7 bankruptcy timeline is over, your bankruptcy will leave a pretty big mark on your credit report for the next 10 years. That can make it extremely difficult to get approval for credit on major purchases like cars and houses. But while it’s difficult to build up a good credit score again, it certainly isn’t impossible.
When it comes to bankruptcy, people generally fall into one of two camps: those who aren’t sure what it means to file bankruptcy but think they should, and those who know what it means to file bankruptcy and aren’t sure if they should. Both types might not know when to file bankruptcy, how to file bankruptcy, or where to seek bankruptcy help.
Just a year ago, Boston-based digital TV startup Aereo had the potential to completely revolutionize the way people watch television. Since then, Aereo has been on a gradual downward descent starting with a June Supreme Court ruling that the company’s services violate copyright law. And on Thursday, Nov. 20, Aereo finally filed for Chapter 11 bankruptcy help, facing lawsuits from a number of television networks, according to the Boston Globe.
If you are so deeply in debt that you feel you have no hope of paying off your creditors, then filing for bankruptcy may actually be the best long-term decision, no matter how scary it sounds. Here are the five top questions people ask about Chapter 13 bankruptcy: