How bad is it to declare bankruptcy nowadays?

How hard is it to declare bankruptcy today, and will it, like, ruin you financially for life? Will your credit ever recover?Does it still clear after 7 years, or are you just screwed?

Asked By: Too-Da-Loo! - 11/15/2011
Best Answer - Chosen by Asker
Bankruptcy is not very difficult to do and it could be the frist step towards getting your finances in order and rebuilding your credit. Although bankruptcy stays on your credit report for 10 years you don't need to wait for 10 years to rebuild your credit. If you have a job that provides regular and sufficient... More
Answered By: JeffreyP - 11/17/2011
Additional Answers (3)
It does clear after 7 years, but it can be a very long seven years! There are other options here in Australia, like a government debt management agreement... but your name still ends up on the bankruptcy list.
Answered By: Bradleyj - 11/15/2011
The mere fact that you have filed a bankruptcy can appear on your credit report for 10 years, but if you do the right things you can rebuild your score in less than 3. Right now, every month that you miss payments your credit score gets worse. Your credit score will not improve until you resume making regular, timely... More
Answered By: crbesq - 11/16/2011
Chapter 7 law and chapter 13 law can be very complex. There are a lot of things to take into consideration before declaring bankruptcy and speaking with a professional is really the best place to start. You can go to to learn more about bankruptcy. Hope this helps!
Answered By: Li Bankruptcy Lawyer - 11/17/2011
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Click. Search. Apply. Free!
Jobs hiring near your local area. Part-time, Full-time, Work at home.
Sobre 287 Trabajos en tu area. $15-87/hora - Aplica Ahora.

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-311