Bankruptcy Choices: Chapter 7, or Chapter 13?
January 14th, 2012Hi Erica,
What is the difference between Chapter 7 and 13 when it comes to the impact on your credit history? I dont want to get another credit card, but fear that, if I do not have one to deal with an emergency, I could be in trouble. I hated to file bankruptcy, but, even with two jobs, I was drowning. So I ended up with a Chapter 13. Im looking at retirement in 10 years. Will I have to wait that long for an improved credit rating? Dan
Dear Dan,
I’m glad you wrote, not only because I want to clear up your confusion, but also because bankruptcy is a fascinating subject. For instance, do you know that, when America was formed, its estimated that nearly two out of every three entering Europeans owed money in their native lands? T