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Monday, August 09, 2004Simply waiting 7 years has its risks. Court judgments and liens are shown on the public records part of the credit report. Any new derogatory court records have their own 7-year limits, which can extend the time your credit is bad. You might also be vulnerable to wage garnishments.
Bankruptcies effectively wipe out most debts, and some people who've declared bankruptcy are able to start getting credit in a few years. Still, the stigma is quite bad. Many employers won't consider hiring you, and many landlords immediately disqualify you if you've ever had a bankruptcy. (Whether or not it still appears on your credit report, they'll ask you, and the effect can be the same!)
More pros and cons.
12:15:10 PM 
This Page was last update: 8/27/2004; 6:31:48 PM
Copyright 2004 Credit Report News and Information
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