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How long will bankruptcy follow me?

Sophia

Registered Member
Due to medical bills and other life changing situations, we had to declare bankruptcy several years ago. I was quite ashamed we had to do this but it was the best business decision. Can anyone tell me how long this stigma will follow us as we move forward with our lives?
 

IrishLass2247

Registered Member
Due to medical bills and other life changing situations, we had to declare bankruptcy several years ago. I was quite ashamed we had to do this but it was the best business decision. Can anyone tell me how long this stigma will follow us as we move forward with our lives?
Bankruptcy isn't what it used to be. I know several people who declared bankruptcy and within a year their FICO score was decent enough to not get hit with super high-interest rates on auto loans or credit cards. Will it hurt you in the short term to, for example, get a mortgage? Unfortunately, yes. They say it stays on your credit 7 years, but I had a few people tell me it fell off after 5.

Please know that you are not alone or unique. Due to the high unemployment rate and the dismal state of health insurance, many people are in the same boat as you are. Don't be embarrassed. It is not your fault you got sick.
 

Hilander

Free Spirit
Staff member
V.I.P.
@IrishLass2247 is right, a lot of people have to file bankruptcy, mostly because of medical bills, nothing to be ashamed of, it happens. I was talking to this one man at the hospital and his sister had to file. Her husbands medical bills were about a million dollars even with good insurance so after he died she owed $200,000 which she couldn't pay. Sometimes its the only thing you can do.

I know a couple that filed bankruptcy and within 5 years they were buying a house and they told me they were being offered charge cards sooner than that. So I don't think it will follow you around for long.
 

Carmelita

Registered Member
Your credit score actually gets better after bankruptcy. That reason is that the creditors know that you can not file again for 10 years (I think it's 10). If they loan you money you will have to pay it back. Just sayin'.
 
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