People considering filing for bankruptcy or an individual voluntary arrangement (IVA) once they are unable to make credit card and loan repayments should be aware that their credit history is likely to be adversely affected. It is not the end of the world, but it is a real fact of life in bankruptcy.
On the other hand, it is possible to recover. The fact is, it is not difficult to rebuild good credit after bankruptcy. In fact filing for bankruptcy in the court can be a good move for the longer term. It might be a huge blow to your credit report in the immediate future, but eventually it will prove to be a sensible move.
Filing bankruptcy is a way of enabling those in debt to wipe the slate clean and start over again. The bankrupcty process is designed to help the honest debtor who got in too deep and needs the help of the bankruptcy court to get a fresh start.
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