Im thinking of bankruptsy......?

Question

i am in about 26,000 in debt due to medical procedures and some dumb mistakes of staying with a man i should have been smart enough not to stay with. In the next few years, i wasn't HOPING to start a business with my Friend. Would filing bankrupts for my mistakes before, ruin my hopes of getting my own business? I would like someone who KNOWS about bankruptcy to answer. maybe has been through it.

Answer 1

I have been through this myself with a chapter 7,  I can say I had better credit options than someone with perfect credit but he is what I had to do to reestablish a good credit rating.  First, car loans are pretty easy to get after the bankruptcy has been discharged, however the interest rate was awful, after paying the bills on time for about a year I was able to secure an unsecured credit card but then the interest on it was about 23%.  You can recover from bankruptcy but be prepared to pay alot for loans and it wont ruin your chanced to start a buisness but you will have to work allot harder for it.  

Answer 2

Nearly, yes.  Bankruptcy will ruin your credit rating for at least 7 years.  You should exhaust every other option first, make every attempt to pay off your debt, and use bankruptcy as a last resort only.

Answer 3

Whether you have bad credit or file a bankruptcy is immaterial.  If you are hoping to get loans to start a business, you will be out of luck.