Credit counseling agencies can help resolve financial stress

For those wanting a fresh start faster, Chapter 7 bankruptcy may be the bankruptcy to go with over Chapter 13. Furthermore, credit counseling agencies can help resolve financial stress and individuals escape bankruptcy. A negative of Chapter 7 bankruptcy, however, is that co-signors of a loan can be stuck with your debt unless they also file for bankruptcy. Your credit history may already be poor but keep in mind that a bankruptcy will remain on your credit for up to 10 years. Of course, credit can be re-established. Chapter 13 is a repayment plan for individuals, usually allowing them 3 to 5 years to pay off their debt. These informations can be provided by a licensed state bankruptcy attorney. Though employers and landlords will not be sent notices or otherwise directly informed about your bankruptcy, anyone can find out that you filed because bankruptcy is a public record. If a potential employer does a credit check, bankruptcy filings will show up on that report, which can seem like bad credit is on your record even years after the bankruptcy was filed.