Bankruptcy

There are three kinds of Bankruptcy.

Chapter 7 Bankruptcy, which after the court's acceptance, you are discharged. Your entire dept is wiped out and you have a new start to build up your credit. It will show in your credit report the next seven years

in your credit report.

Chapter 11 Bankruptcy, mostly done by Firms, Corporations and Businesses to save their assets and other legal issues and obligations.....!

Chapter 13 Bankruptcy, which you consolidate your debts with debtors and making a court accepted and determent monthly payment. It is not a popular chapter, Banks and Lenders are not honoring your efforts to take care of your debts by paying it in installment,they would rather see a clean slate ( chapter 7 ).