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monte1211

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HOW CAN LOANS CLEARED BY BANRUPCY BE HELD ON MY CREDIT NOW

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Bankruptcy Hurts Credit Rating.

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Someone did not explain all the details of a bankruptcy to you so you could understand the full impact.  While a bankruptcy does clear out your legal obligation to pay debts, the fact is you used this to "avoid" repaying debts that were legally made and this bad mark is going to remain on your credit report for 10 years.  Potential creditors are going to be less willing to grant you credit because of the bankruptcy.  They don't want to have to "eat" a debt they granted in good faith.

This is the sad fact of filling bankruptcy.  I know, because I did a Chapter 13 many years ago and it has been a struggle to rebuild my credit.  But the effort is well worth it.  It just takes a little more time.

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