A lot of individuals nowadays are having a hard time trying to erase their credit card debt. Unfortunately you just might be one of them. Would you like to know how to finally begin erasing your credit card debt ASAP? You obviously know that if you do not erase your credit card debts as quickly as possible, your problem is only going to get worse.
And eventually the creditors that you owe money to, will take you to court and start the process of legal action against you. But by reading every single word of this article you’ll discover the two different ways of filing for bankruptcy.
But you have to remember to bankruptcy is only a last-minute option. She never filed bankruptcy right off the bat. So here we go.
Chapter 13 bankruptcy
Chapter 13 bankruptcy generally is less damaging on your credit report than filing Chapter 7 bankruptcy. When you file Chapter 13, it will stay on your credit report for the next seven years. Whereas if you file for Chapter 7 bankruptcy, you are going to have a black mark on your credit report for the next 10 years.
Chapter 13 bankruptcy gives you the chance to settle your debts for a lot less and by simply making payments over the next 3 to 5 years. But you have to remember that if you miss a single payment bankruptcy will be stuck on your credit report and creditors will report you as delinquent.
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