ChatterBank2 mins ago
bankruptsy
6 Answers
i was just wondering if anyone could shed any light on this question. A group of us were talikng yesterday for some random reason about declaring yourself bankrupt, and where as i said once your bankrupt all your debts are ''written'' off but you will NEVER get any sort of credit again, she tottally disagreed and said that after being bankrupt for 5 years you get a brand new slate and could. what is true?
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Best Answer
No best answer has yet been selected by gossipgirl. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.1. If you default on payments on a loan, the default goes on your credit record and is removed after 6 years, so you might end up with a clean record just as you migfht after bankruptcy.
But a clean record does not mean you can happily start getting credit again. A lot of lenders look unfavourably on people who do not have any credit record and refuse to give them credit! (Of course, that doesn't apply to impecunious young people - students - who the banks seem quite content to lend to!)
But a clean record does not mean you can happily start getting credit again. A lot of lenders look unfavourably on people who do not have any credit record and refuse to give them credit! (Of course, that doesn't apply to impecunious young people - students - who the banks seem quite content to lend to!)