how long would it take to clear my debt and start from scratch
hello,
I have 100K worth of credit card and loans.
I consolidated this debt, but now working in the manufacturing industry, i cant keep up.
If i go through the bankruptcy steps, how long would it take to clear this debt and start from scratch. I own nothing(divorice she got everything) and the only other expense is a car I lease.
Posted from: Ontario
Depening on the income in your household, you bankruptcy will run from 9 to 21 months (the more you earn the longer the process). Once you have been discharged (the term used to say that your bankruptcy has been completed) the debts will be dropped from your credit report, BUT a note will appear in the legal section advising people of the bankruptcy and it may remain on your report for up to 6 years.
Again, depending on your income, most people can start accessing credit again in 3 or 4 years after they have been discharged.