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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.
Source(s):
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 http://www.libankruptcylawyer.com to learn more about bankruptcy. Hope this helps!
Source(s):
Answered By: Li Bankruptcy Lawyer - 11/17/2011
 
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