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Contributed by mm | September 5, 2006 1:51 AM PST
Bankrate has an excellent review of common misconceptions of debt management. Here is the next installment: 10. Bankruptcy Is No Big Deal..
Being buried in debt does not mean bankruptcy is the quick and easy path to follow. Bankruptcy can be really painful.
From Bankrate:
Bour has talked to an amazing number of people in their 20s who filed bankruptcy for a $7,000 debt. "It's ridiculous because the damage will linger long after whatever the $7,000 debt was for," he says. Bankruptcy is an extreme solution, reserved for cases like someone on a $20,000 annual salary with a cumulative credit card debt of $50,000 or more.
If you file Chapter 7 -- exoneration of all debt -- the window is nearly 10 years. With Chapter 13 -- reorganization of debt -- that seven-year clock starts ticking after you pay off the debt. So if you need five years to get back on your feet, assume this cloud follows you for 12 years.
Employers look at credit reports, and occasionally refuse to hire based on what they find. If you deny bankruptcy on many forms, you can be held accountable later for lying on an application. Insurance companies can deny coverage as well.
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