Bankruptcy wipes your debt slate clean, but most often leaves your credit report in the worst possible shape. The filing and discharge of your bankruptcy will remain on your credit report as court records for ten years. Each discharged debt will be reported as an “included in bankruptcy” account. Removing all traces of a bankruptcy filing is very difficult. If you want to keep clean credit, you’ll avoid bankruptcy, if at all possible.

You should only file bankruptcy if there is no way you can otherwise negotiate or pay your way out of debt within a reasonable time frame.

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RMCN Credit Services
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