How Does Chapter 7 Bankruptcy Affect Credit?

It amazes me every time I hear someone with high debt ponder the effect of bankruptcy on a credit report. What good is A-1 credit if you are drowning in debt? It is nothing more than a total denial of the debt situation. For example, since the credit rating is good, some believe that the debt load is under control. However, those persons are not looking at the big picture. Debt is still debt despite a good credit rating or credit score. In fact, someone carrying high debt is less likely to receive future credit than one who clears the table and starts over. Eventually, the one who starts over is better off. 
It is true that a Chapter 7 bankruptcy filing stays on a credit report for ten years. However, that person can receive future credit long before that ten year period has expired. In fact, credit can be obtained within six months to two years after filing bankruptcy. I have received feedback from hundreds of prior chapter seven filers who were receiving credit solicitations before their case had even how to convince a judge in family court gone to discharge. Although those recent offers were likely bad deals, the offers still were made. As more time passes from the filing until the attempt at credit, the better the credit offer will be. It also factors on whether the person has good income and no negative credit since their bankruptcy filing. To think that one would not have an offer of credit for ten years is simply wrong.
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