After A Bankruptcy Filing Don’t Make The Same Mistakes Again
When reporting agencies remove bankruptcy after 7 years, deserving debtors can once again experience the liberty that comes with sound consumer money management. Chapter 13 petitioners who diligently adhere to a court-ordered repayment plan have a second chance to rebuild their lives and boost credit scores after a Bankruptcy filing. A word of caution: Debtors who fail to complete repayment plans within the three- to five-year time frame forfeit the right to debt release, unless they are deemed by the court unable to make payment due to illness or chronic unemployment. However, the seven-year debt release mandated by U.S. Bankruptcy Law is a testament to the fairness and impartiality of the American court system which provides debt relief for most consumers ridden with financial woes. Chapter 13 bankruptcy is not a quick fix for indebtedness, but a long range resolution toward financial freedom.
