19 Apr 2010 03:39 pm
Bankruptcy affects your credit rating for seven years after filing, do take note that often times the overall credit score actually increases if credit is rebuilt following sound practices. When applied appropriately, filing in a Bankruptcy court not only improves your financial background by the fact that you are now debt free, it also demonstrates sound debt management rather than ignoring the problem, falling victim to an expensive credit card deb consolidation or to one of the hundreds of debt relief scams out there. A bankruptcy filing is a legal system created by the United States Government as a tool to help individuals, using such a system should not include any shame nor guilt. That being said, if your business is profitable you are certainly eligible to qualify for a business loan. A business partner that can offer a personal guarantee, or leveraging some of your assists can also help to get a loan after Chapter 7 or Chapter 13 Bankruptcy discharge.
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Via the LaTimes.com
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