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Michael McLaughlin LLC
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A bankruptcy is an adverse credit event that remains on a person’s credit report for 10 years, after which it is considered obsolete information and must be removed. There’s no question that in the short-term, a person’s credit will be significantly impaired by a bankruptcy filing. However, delinquencies, late payments, and foreclosure notices that are served upon parties who fail to make payments on their debts will adversely affect a credit score almost as much the actual act of filing bankruptcy.
For people who are young or middle-aged, a bankruptcy will not follow them forever. The extinguishment of debts or a structured wage earner payment plan in Chapter 13 actually may be the right solution. Some people are hyper-focused on their credit rating. While important is not the be-all and end-all. For example, someone who has already obtained a mortgage and is not planning to move for many years is not going to need to seek a new mortgage in the near future; as long as they are able to pay their mortgage, they will in many instances depending on the amount of equity in the property be able to keep their home.
For More Information About Bankruptcy, Please Visit:
https://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States
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