Bankruptcy experiences?

Question

Who has been bankrupt? How did you feel afterwards?

I have become bankrupt about 2 weeks ago - and now am feeling horrible as I haven't told ANYone and am so scared that someone will find out.

Can you keep it a secret? Will my parents find out ever? My family? My boyfriend? My friends? My colleagues? How?

Answer 1

You have NOTHING to be ashamed of! Every country that allows credit has bankruptcy laws. However, you should know that a BK is a public record and anyone who checks your credit will know. This includes department stores, car lots, or apartment rentals. It stays on your credit record for 10 years. However, after you reestablish your credit (usually 6mos-2yrs) some companies will give you credit again. Start reestablishing as soon as possible by getting a secured line of credit. (You can find these online) A bank like Orchard or Capital One will let make a deposit to them, issue you a secured credit card and then let you use a portion of it. As you get reestablished they will require a smaller percentage of security. You need credit to rent a place to live, buy a home, a car, etc. Be diligent and don't ever be late again. Bankruptcies are at an all time high mostly because of the housing debacle and our sagging economy. We all make mistakes or are sometimes forced into BK by circumstances we have no control over. As long as you did not file fraudulently or puposely got in over your head, you have nothing to be ashamed of. It's life. Also, be advised that some jobs you apply for will do a credit check . Particularly if it's a money handling or accounting position.