Filing for bankruptcy can provide serious relief from your mounting debt, but there are a few things to know first.

Bankruptcy can discharge or restructure most credit card debt, but there are exceptions. For example, luxury purchases or cash advances made shortly before filing may be nondischargeable. Additionally ...

Bankruptcy and collection data, such as if any of your accounts were marked past due for over 30 days and sent to a collection agency If you come across any errors on your credit report ...

Consider filing if: However, bankruptcy has serious downsides. A Chapter 7 bankruptcy remains on your credit report for 10 years, while Chapter 13 stays for seven years. This can make it harder to ...

On Jan. 7, 2025, the Consumer Financial Protection Bureau announced a new rule banning medical debt from all credit reports.

Depending on the type of bankruptcy, the filing will generally disappear from your credit report after seven to ten years. Applying for secured credit cards can help you make a quicker comeback ...

The bankruptcy record once it is marked stays on the credit report of an individual for 7-10 years. This hence makes it difficult to secure personal loans or get credit in the future. Still ...

Bankruptcy is a serious decision with long-lasting consequences. Before taking that step, carefully consider the debt relief alternatives outlined in this article. From credit counseling to asset ...

Credit reports are a ledger of consumers' borrowing records, such as loan payment history and bankruptcy filings. The financial consequences of inaccurate information on those reports can be ...

Filing for bankruptcy could be a smart move in certain cases, but in others, debt relief could make more sense.