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MalGal2010

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what happens to my credit if i file personal bankruptcy?

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Not good for 10 years!!!

If there is any possible way to avoid filing personal bankruptcy, please use it.  I speak from experience because I filed under Chapter 13 over 20 years ago and it has taken almst that long to build it back up again (the student loans didn't help--not dischargable in bankruptcy).

Potential creditors want to be assured that you will pay back the money they loaned you (even a credit card is, in fact, a loan) and a bankruptcy shows you can't be trusted to do so.

So, please see what you can legally do to repay your debts and not have to file bankruptcy.  Could you get an extra job or sell a few things you don't really need to come up with some money to get your debts paid sooner.  It has been said that the difference between being solvent and going bankrupt can be as little as $200/mo. 

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