Can Bankruptcy Actually Improve Your Credit?

Posted on November 10, 2011 at 3:20pm by

For most people, “bankruptcy” is a bad word. It reflects a sense of failure in your finances, and makes many clients feel worthless or irresponsible. The reality is, many successful people have declared bankruptcy throughout the ages. In fact, many highly successful people have declared bankruptcy more than once. Mark Twain, Oscar Wilde, Mickey Rooney, Debbie Reynolds, Burt Reynolds, Wayne Newton and Donald Trump are just a few examples of famous and successful people who understood that bankruptcy was — at some point in their financial lives — a necessity. When we work with customers and clients who have overextended themselves to the point of financial exhaustion, I make sure they understand the ins and outs of bankruptcy before filing, and grasp the concept of exactly how it affects their credit now and in the future.



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One Response to Can Bankruptcy Actually Improve Your Credit?

  1. Michael Michael says:

    You raise a great point. Bankruptcy is not a dirty word. Unfortunatly, in recent years many debt consultation companies, loan modification companies and real estate and mortgage brokers have attempted to mislead the public into thinking that bankruptcy is a dirty word and can end your credit life. The truth is bankruptcy may actually be the best course of action when you are struggling with debt.

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