If i declare myself bankrupt,how long does it take for me to say i am nolonger bankrupt now because in some circumstances,bankruptcy can make you loose opportunties like getting a loan for business.
First of all bankruptcy is different now. The courts allow creditors to refinance you to keep paying. Some credits play a game by selling off your account when they are informed you are declaring bankruptcy and you have to fight to get the debt eliminated. It is a game that can last for years.
I believe the new laws require you to get some kind of credit counseling before declaring bankruptcy.
The type of bankruptcy you file depends on your income and assets, and yes, they did make the laws stricter so more people would have to repay rather than just have the loans cleared.
If you're considering bankruptcy, it's a good idea to talk with an attorney who is familiar with the laws in your state. Several attorneys will meet with you initially at either no cost or a very low cost.
Regardless of what type of bankruptcy you declare, it will remain on your financial record for 10 years. In some cases, it may not take that long, but generally that's how it goes.
Regardless of what type of bankruptcy you declare, it will remain on your financial record for 10 years. In some cases, it may not take that long, but generally that's how it goes.
If you are able to build a savings and or financial portfolio it helps to shorten the time as established assets become your collateral.
I think you have to consult you legal advisor before you declare bankruptcy as the consequence of which are long lasting and it take years to clear from bankruptcy.
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