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The Truth About Bankruptcy: It’s All Here – The Good and Bad

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Bankruptcy
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truth bankruptcy AskTheMoneyCoach.com
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Bankruptcy isn’t a step that should be taken lightly. But sometimes, it’s a necessity that simply can’t be avoided.

If you’re overwhelmed by enormous credit card debts you can never repay, struggling with massive medical bills, or are barely staying afloat due to unemployment, bankruptcy may be a good alternative to consider.

Will a Chapter 7 or chapter 13 bankruptcy hurt your credit rating? Absolutely. But probably not as much you think.

And even though a bankruptcy filing does generally stay on your credit report for 10 years, you can recover from bankruptcy far, far sooner than that — sometimes in as little as two years.

None of this is to suggest that bankruptcy is a magic bullet for whatever ails you financially. It’s not.

So if you do decide to file for bankruptcy protection, it’s vitally important to go into the process with your eyes wide open, fully aware of the pros and cons associated with taking this major financial step.

Here is our handpicked selection of recommended articles on the topic of bankruptcy.

Chapter 7 Bankruptcy Explained

Chapter 13 Bankruptcy Explained

The Truth About Bankruptcy: Why All Your Debts WON’T Go Away

Considering Bankruptcy? Avoid These Common Mistakes Or Your Bankruptcy Filing Will Be Rejected


How Long Will a Bankruptcy and Foreclosure Stay on My Credit Report


Can I keep my car if I file for bankruptcy protection?


What If I Change My Mind After Filing Bankruptcy?


Recommended Resources

Below are a couple of websites you should visit if you are considering filing for bankruptcy protection:

US Courts.gov

The Bankruptcy Law Network

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About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

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All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

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